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Us Housing Still In Doldrums Despite 24Pc Monthly Rise

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New US house sales rebounded strongly last month, rising almost 24pc – albeit to the second lowest level of sales since records began in 1963.

The number of new homes being purchased in the US rose by 23.6pc to a seasonally adjusted annual rate of 330,000.

Although this was up strongly from the annualised rate of 267,000 seen in May, sales activity remains sharply below the highs of the pre-crisis housing boom, with sales off 16.7pc year-on-year in June. The US housing market peaked in 2005, with an annual rate of sales of new homes of 1.5m.

Patrick Newport, US economist at IHS Global Insight, called the numbers "abysmal", noting that on a six-month moving average basis, new home sales have been flat since hitting recent lows in early 2009. "Normally, a 24pc increase would be reason to pop open the champagne. June's numbers though... were abysmal," he said.

Anika Khan, economist at Wells Fargo, called the data "fake", pointing out that other recent statistics have shown the US housing market "remains very weak".

Excellent headline from the Telegraph, at first I thought this was house prices had increased but it wasn't it was sales, which even after a 24% increase of new homes sold are still the 2nd lowest in nearly 50 years.

Some nice comments on the figures.

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  • 396 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?

      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%

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