Last week’s economic reports included reports on new and existing home sales and FHFA’s monthly home price index for properties associated with Fannie Mae and Freddie Mac mortgages. The details:
New Home Sales Surge, Existing Home Sales Drop
According to the Department of Commerce, new home sales rose in January to a seasonally-adjusted annual rate of 539,000 which exceeded the expected rate of 455,000 sales and the revised figure of 500,000 sales of new homes in December 2014. This was a 7.80 percent increase over December’s figure and was the first time since 2008 that new home sales met or exceeded the benchmark of 500,000 sales for two consecutive months.
Sales of new homes were close to 25 percent higher than for January 2015, and analysts said that more jobs and relatively low mortgage rates could boost the traditionally busy spring and summer home buying season.
The National Association of…
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