52 Equipment
DBM
LC
Marketplace
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In spite of low in
ventories, existing
home sales managed
to rise 1.1 percent
in May compared to
April, and new home
sales increased 2.9
percent coming on
the heels of a revised
7.9 percent drop in
the previous month.
Existing sales too
were down in April
– 2.5 percent – so the modest increase in May was a welcome
sight. Yeartodate sales of existing homes are up 2.7 percent
and new home sales are 12.2 percent stronger. And revisions
to the previous three months' data added 34,000 new units –
an increase that made March's total the highest since October
2007. According to Mark Vitner, senior economist for the Wells
Fargo Economics Group, "Sales are clearly trending higher, par

ticularly in the South, which accounts for roughly 60 percent
of the nation's home sales each year."
Home Sales Up
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