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.
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Across all sectors in housing, we’re experiencing a technology transformation that is increasing velocity, reducing cost and improving quality. In fact, the pace of change throughout the mortgage process has been steadily accelerating, and that trajectory is likely to continue in years ahead.
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