Hitting the highest rate since Feb. 2008, new single-family home sales in May 2015 rose 2.2 percent, hitting a seasonally annual-adjusted rate (SAAR) of 546,000, based on data released by the Department of Housing and Urban Development (HUD) and the Census Bureau. The rate was 19.5 percent above last May’s estimate of 457,000, and above the April, 2015 revised rate of 534,000, according to themreport.

The median sales price of new houses sold in May 2015 was $282,000 reports the Census Bureau, while the average sales price hit $337,000.

“This month’s new-home sales report is consistent with other government data and rising builder confidence that indicate a continual recovery of the housing market,” said David Crowe, NAHB chief economist. “The uptick in existing-home sales bodes well for builders, as it shows that the sellers are able to buy a new home.”

Based on mortgages sold to or guaranteed by Fannie Mae and Freddie Mac, the Federal Housing Finance Agency (FHFA) reports U. S. home prices rose 0.3 percent in April over March. In addition, MHProNews has learned home prices rose 5.3 percent from April 2014 to April 2015. The FHFA Home Price Index is 2.3 percent below its peak of March 2007, before the housing bubble. ##

(Image credit: globest-housing recovery)

Article submitted by Matthew J. Silver to Daily Business News-MHProNews.