According to the latest available data from the US Census Bureau, new home sales climbed 25.4% year over year in June, alleviating fears that the housing sector was imminently headed for another downturn following concerns about the pace of housing starts and existing home sales. On an annualized basis, new homes sales rose to 592,000, surging past expectations of 560,000. More optimistic in all the data released yesterday was the median sales price which climbed back above $300,000 to $306,700, marking the highest levels since April. However, there was some disappointment following the S&P Case-Shiller home price index report which showed the pace of price appreciation across the US slowing to 5.20% from 5.40% recorded during the prior period. US equity benchmarks ended the day mixed, with the Nasdaq Composite leading the gains after climbing 0.24% during the cash equity session.
US New Home Prices Highest Since 2008
Daily Analysis - 27/07/2016