World Business News

A round up of the latest news for those doing business internationally

New US homes sales surge to six-year high in May

Zone(s): USA ¦ Sector(s): Housing

[24 June 2014, BBC News] Sales of new US homes surged to a six-year high in May suggesting the housing market is beginning to recover from its recent slowdown. Sales increased by 18.6% to a seasonally adjusted annual sales rate of 504,000 – the highest level since May 2008, according to the Commerce Department. However, the S&P/Case-Shiller index, also released on Tuesday, found house prices increases slowed in April. Economists had expected bigger rises. On a seasonally-adjusted basis, the home price index, covering 20 major US cities, rose 0.2% in April, and by 10.8% on an annual basis.