May 26, 2016

Making up Ground

With new home sales data in for April, we're currently running 158,000 home sales (non-seasonally adjusted) below what we saw in April of 2007. However, we're already ahead of last year's home sales as you can see in our interactive housing tracker below.

Existing-home sales were up for the second consecutive month from the previous month to a seasonally adjusted annual rate of 5.45 million in April. And new home sales hit an 8-year high to a seasonally adjusted annual rate of 619,000 units.

Currently existing home sales are down 4%, compared to 6% last month, and new home sales are down 41% compared to 2007 through April on a non-seasonally adjusted basis.

We still have some ground to make up but housing remains a bright spot in the economic outlook and should propel the U.S. economy forward for the balance of this year.

Follow this series just in time for the spring homebuying season.