clear
Saturday February 13th, 2016 10:54PM
5:24PM ( 5 hours ago ) Weather Alert

Sales of new homes plummet in June

By The Associated Press
WASHINGTON (AP) -- New home sales fell 8.1 percent last month to a seasonally adjusted annual rate of 406,000, the Commerce Department said Thursday. The report also revised down the May sales rate to 442,000 from 504,000.<br /> <br /> Buying of new homes fell 20 percent in the Northeast, followed by less extreme declines in the Midwest, South and West. The modest sales caused the inventory of new homes on the market to increase to 5.8 months, the highest since October 2011.<br /> <br /> The median sales price was $273,500, up 5.3 percent over the past 12 months.<br /> <br /> "Today's report underscores" Federal Reserve Chair Janet Yellen's "observation in testimony last week that housing sector data still are `disappointing,'" said Dana Saporta, director of economic research at the bank Credit Suisse.<br /> <br /> Home sales had been improving through the middle of 2013, only to stumble over the past 12 months due to a mix of rising prices, higher mortgage rates and meager wage growth.<br /> <br /> The pressures from mortgage rates have eased since the start of 2014 and the pace of price increases have slowed. Still, other indicators suggest that home-buying has stalled after rebounding from lows reached during the Great Recession.<br /> <br /> The National Association of Realtors reported that sales of existing homes increased 2.6 percent in June to a seasonally adjusted annual rate of 5.04 million homes. It marked the first time that sales have been above the 5 million-mark since October.<br /> <br /> Economists were encouraged by the second straight monthly gain in existing home sales, though those sales are still hovering below the recent peak of 5.38 million sales hit last July.<br /> <br /> Nasty winter storms weighed on sales of both existing and new homes in late 2013 and early 2014, making it unlikely that sales can match last year's pace. Sales of existing homes are expected to be below the 5.1 million homes bought last year and the 5.5 million annual sales that would be consistent with a healthy housing market.<br /> <br /> Still, there are indications that sales could pick up.<br /> <br /> Along with the arrival of spring, average mortgage rates have dropped to 4.13 percent, from 4.53 percent at the beginning of this year, according to Freddie Mac. The rate of price gains has slowed as the inventory of homes for sale has improved. But wage growth has barely kept pace with inflation, reducing how much income people have to spend and save for down payments.
© Copyright 2016 AccessWDUN.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
Judge denies motions to move, delay Tsarnaev trial
Lawyers for Boston Marathon bombing suspect Dzhokhar Tsarnaev asked a federal appeals court Wednesday to overturn a judge's decision to not move his upcoming trial out of state.
10:02PM ( 1 year ago )
High court to adopt electronic filing of cases
The Supreme Court is belatedly developing an electronic filing system similar to those used in courts around the country, Chief Justice John Roberts said Wednesday in his annual end-of-year report.
7:57PM ( 1 year ago )
Storm brings snow, cold to West for New Year's
A blustery winter storm dumped snow and ice across the West on Wednesday, making driving treacherous in the mountains from California to the Rockies and forcing residents and party-goers in some usually sun-soaked cities to bundle up for a frosty New Year's.
5:19PM ( 1 year ago )
U.S. News
State DOT awards $48M contract for NE Ga. road project
The state Department of Transportation has awarded a $47.8 million contract for nine miles of work on a northeast Georgia road.
9:37AM ( 1 year ago )
Business News
Grass fire impacts rush hour traffic on 985
Rush hour traffic on I-985 was slowed by a grass fire Wednesay afternoon with one lane closed while firefighters fought the blaze.
10:19PM ( 1 year ago )
Hall County conviction, sentencing to be reviewed by SCOGA
The State Supreme Court has agreed to hear the appeal of a Hall County man when they reconvene in January.
2:37PM ( 1 year ago )
Maysville man dies from Banks County wreck
The Georgia State Patrol reports that alcohol and/or drugs were factors a single-vehicle wreck that claimed the life of a Maysville man in Banks County Tuesday night.
11:07AM ( 1 year ago )
Local/State News
U.S, Cuba to resume commercial flights for 1st time in 50 years
The United States and Cuba will sign an agreement next week to resume commercial air traffic for the first time in five decades, starting the clock on dozens of new flights operating daily by next fall, U.S. officials said Friday.
By The Associated Press
9:35PM ( 1 day ago )
New details about the possible effects of the Zika virus on the fetal brain are emerging
WASHINGTON (AP) — New details about the possible effects of the Zika virus on the fetal brain emerged Wednesday as U.S. health officials say mosquito eradication here and abroad is key to protect preg...
6:22PM ( 3 days ago )
President Barack Obama is asking Congress for more than $1.8 billion in emergency funding to help fight the Zika virus
WASHINGTON (AP) — President Barack Obama is asking Congress for more than $1.8 billion in emergency funding to fight the Zika virus and the mosquitoes that spread it here and abroad, but says "there s...
10:40PM ( 5 days ago )
Search for Missouri couple wanted for crimes across the South, including Ga., ends with one suspect dead and the other wounded
A weeklong search for a Missouri couple wanted in a series of robberies and abductions across the South ended with one suspect dead and the other wounded Friday, after authorities say they chased the pair across the highway and through a rural neighborhood and exchanged gunfire with them in Florida's Panhandle.
By The Associated Press
9:57PM ( 1 week ago )
Cheap oil will be sticking around for a while, buoying consumers, frustrating oil producers
Cheap oil will be sticking around for a while.That reality is wreaking havoc and causing uncertainty for some governments and businesses, while creating financial windfalls for others. Less expensive...
6:18PM ( 1 week ago )