Sales of Existing U.S. Homes Rise for First Time in ‘14
Source: Bloomberg
By Michelle Jamrisko May 22, 2014 11:38 AM ET
Sales of previously owned U.S. homes increased in April as a bigger supply of properties lured buyers and raised prospects for a stronger spring selling season.
Closings (ETSLTOTL), which usually take place a month or two after a contract is signed, increased 1.3 percent to a 4.65 million annual rate, the National Association of Realtors reported today in Washington. It marked the first advance this year. Economists surveyed by Bloomberg projected a 4.69 million pace. The number of homes for sale jumped 16.8 percent in April.
Easier lending standards for some Americans, faster job growth and historically low mortgage rates helped stabilize an industry that’s faltered since the middle of last year. A pickup in construction that boosts housing inventory and tempers gains in property values would provide a further boost to the market.
“The improvement in availability suggests stronger sales activity in the months ahead,” said Russell Price, senior economist at Ameriprise Financial Inc. in Detroit. Price is the second-best forecaster of existing home sales in the last two years, according to data compiled by Bloomberg. Still, “we need to see more building activity.”
Read more: http://www.bloomberg.com/news/2014-05-22/sales-of-existing-u-s-homes-rise-for-first-time-in-four-months.html
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