U.S. new homes sales hit eight-year high, point to firming economy
Source: Reuters
Markets | Tue May 24, 2016 2:29pm EDT
U.S. new homes sales hit eight-year high, point to firming economy
WASHINGTON | By Lucia Mutikani
New U.S. single-family home sales recorded their biggest gain in 24 years in April, touching a more than eight-year high as purchases increased broadly, a sign of growing confidence in the economy's prospects.
Tuesday's report from the Commerce Department, which also showed a surge in new home prices to a record high, offered further evidence of a pick-up in economic growth that could allow the Federal Reserve to raise interest rates soon.
"Consumers are taking the leap and buying the biggest of big ticket items of their lives and this speaks to confidence. The Federal Reserve can raise rates at their June meeting without fear the economy is going to slow," said Chris Rupkey, chief economist at MUFG Union Bank in New York.
New home sales jumped 16.6 percent to a seasonally adjusted annual rate of 619,000 units, the highest level since January 2008. The percent increase was the largest since January 1992.
Read more: http://www.reuters.com/article/us-usa-economy-housing-idUSKCN0YF1V1
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so EVERYTHING IS TERRIBLE. 
