US commercial real estate prices rose 6.3% in May, according to Moody's. It was the first positive move in six months and the largest single month jump since they began tracking the sector in 2000. Moody's noted that much of the gain was due to an increase in the prices of distressed properties, which rose 4.8% on the month. "Accounting for 27% of the total repeat-sales during the month, they switched from being a drag on aggregate prices to contributing to their increase," Moody's said.
Sales of existing homes slipped in June to a seven-month low, with a trade group attributing the weak economy and a spike in cancellations for the surprise downturn. The National Association of Realtors on Wednesday reported sales of single-family existing homes fell 0.8% to a seasonally adjusted annual rate of 4.77 million from 4.81 million in May. Economists polled by MarketWatch had anticipated a 4.9 million rate of sales. The data caught economists by surprise in part because pending homes sales had gained 8.2% in May. Lawrence Yun, the chief economist of the NAR, said "a very weak economy [led] to weak sales," and cancellations jumped to 16% from just 4% in May. The NAR also downgraded its 2011 sales projection to 5 million from a range of 5.1 million to 5.2 million. The median existing home price was $184,300, an increase of 0.8% from June 2011.0.
The Slow and Tepid growth to be wobbly affair and its best to take both simultaneously.
Sales of existing homes slipped in June to a seven-month low, with a trade group attributing the weak economy and a spike in cancellations for the surprise downturn. The National Association of Realtors on Wednesday reported sales of single-family existing homes fell 0.8% to a seasonally adjusted annual rate of 4.77 million from 4.81 million in May. Economists polled by MarketWatch had anticipated a 4.9 million rate of sales. The data caught economists by surprise in part because pending homes sales had gained 8.2% in May. Lawrence Yun, the chief economist of the NAR, said "a very weak economy [led] to weak sales," and cancellations jumped to 16% from just 4% in May. The NAR also downgraded its 2011 sales projection to 5 million from a range of 5.1 million to 5.2 million. The median existing home price was $184,300, an increase of 0.8% from June 2011.0.
The Slow and Tepid growth to be wobbly affair and its best to take both simultaneously.
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