New-home sales got a boost in May, with a 7.6% rise in single-family homes, the highest level since April 2010. They are also selling at the quickest rate in two years, reported the Commerce Department.
Prices of new homes are also on the rise, with a 5.6% increase over year-ago levels, for a median price of $234,500.
According to David Crowe, National Association of Home Builders’ chief economist, “May’s sales report is a welcome sign that the market has returned to a more solid growth path following lackluster reports in March and April, and is in keeping with our expectations for continued, steady improvement through the end of this year.”
However, full recovery is still being held back by low appraisals and lack of available credit, said Crowe.
To read more, check out Realtor Magazine’s article here.