New home sales in the US hit a one-year high
According to data from the US Department of Commerce, new home sales increased by 4.1 percent on a monthly basis to 683 thousand in April. Sales thus reached the highest level since March 2022.
The median estimate of economists surveyed by Bloomberg was 2.6 percent.
The previous month’s data was revised from 683 thousand to 656 thousand.
Average housing prices decreased by 8.2 percent compared to the previous year and decreased to 420 thousand 800 dollars. This was the biggest drop since April 2020. The increase in house sales indicated that the negative effects of the sector on the economy are decreasing.
New home sales account for more than 10 percent of total sales.
Business activity at 13-month high
According to the data released today, business activity in the country has reached the peak of 13 years. S&P Global lead composite PMI index rose 1.1 points to 54.5 in May. This was the highest level seen since April last year.
The Services PMI Index also climbed to a 13-month high, while the manufacturing PMI fell below the 50 level, which is the re-constriction zone, with the decline in orders.