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Home Sales Spike After Slow Q1

The first quarter of 2014 was a slow one for the housing market, due mainly to harsh weather and rising mortgage rates. Since it’s well into July now, Q2 data is rolling in, and the numbers are showing a surge in home sales as a result of a slowdown in the rise of home prices and an increase in consumer confidence, according to a new report from the National Association of Home Builders (NAHB).  In fact, in May 2014, new single-family home sales increased 18.6 percent over April.

Additionally, pending home sales posted the largest month-over-month increase since 2010. The Pending Home Sales Index (PHSI) increased 6.1 percent in May 2014.

Housing's contribution to the “real” GDP was 15.6 percent in Q1 2014, which is fairly low in comparison to historical standards. This poor result is due in large part to declining inventories, exports and fixed investment. As data continues to be compiled from Q2 2014, housing’s share of the GDP is expected to grow.

Read the full NAHB article here.

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