Weekly Economic Update: May 21-25, 2012
Existing home sales were up 3.4% in April as new home sales rose 3.3%. Durable orders increased 0.2% in April. Initial jobless claims declined 2,000 to a level of 370,000 for the week ended 5/26.
- Existing home sales rose 3.4% in April to an annual pace of 4.62 million units. Sales were up 10.0% from a year ago. The median existing home price of $177,400 was up 10.1% from a year ago. Distressed home sales (foreclosures and short sales) accounted for 28% of sales, compared to 37% in April 2011.
- New home sales were up 3.3% in April to an annual pace of 343,000 units. Sales were up 9.9% from a year ago. The median new home price of $235,700 was up 4.9% from a year ago.
- Durable orders increased 0.2% in April. Excluding autos, orders were down 0.6%.
- Initial jobless claims edged down 2,000 to a level of 370,000 for the week ended May 26th.