Housing holds steady
Furniture Today Staff -- Furniture Today, July 7, 2005
WASHINGTON -- Helped by persistently low mortgage rates, the broad U.S. housing market held relatively steady during May, holding on to last month's gains, with housing starts and new home sales advancing, while sales of lower- priced existing homes dipped slightly.
Following up on an 11 percent increase the prior month, housing starts moved up only slightly, edging ahead 0.2 percent to a seasonally adjusted level of 2.01 million units. New home sales picked up 2.1 percent after a modest 0.2 percent increase during May.Sales of existing homes, which account for roughly 70 percent of the total U.S. housing market, backed off modestly, slipping 0.7 percent after rising 4.5 percent the preceding month. But even with the dip, resales were at their second highest pace on record, the National Association of Realtors reported.
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