US new-home sales climbed 7.9% in January
AP Economics Writer | Hagadone News Network | UPDATED 5 years, 9 months AGO
WASHINGTON (AP) — U.S. sales of new homes jumped 7.9% in January to the fastest pace in more than 12 years, a positive sign for economic growth.
The Commerce Department said Wednesday that new homes sold at a seasonally adjusted annual rate of 764,000 last month. That’s the highest sales rate since July 2007, shortly before the U.S. economy slumped into the Great Recession.
Half of January’s sales gains came from people buying homes that have yet to be constructed, possible evidence that low mortgage rates may be driving their decisions to purchase. Borrowing costs for home loans have tumbled since 2018.
But a shortage of properties on the market means that prices are also rising quickly. The median price of a new home surged 14% from a year ago to $348,200.
ARTICLES BY AP ECONOMICS WRITER
US layoffs still high, but so is skepticism on jobless data
WASHINGTON (AP) — The number of Americans seeking unemployment benefits dipped last week to a still-high 840,000, evidence that layoffs remain elevated seven months into the pandemic recession.
US layoffs still high, but so is skepticism on jobless data
WASHINGTON (AP) — The number of Americans seeking unemployment benefits dipped last week to a still-high 840,000, evidence that layoffs remain elevated seven months into the pandemic recession.
US layoffs still high, but so is skepticism on jobless data
WASHINGTON (AP) — The number of Americans seeking unemployment benefits dipped last week to a still-high 840,000, evidence that layoffs remain elevated seven months into the pandemic recession.