(By Kevin Donovan) The housing sector continues to be a bright spot in the U.S. economy. Standard & Poor's Case-Shiller home price index rose in April for the first time in seven months, S&P said this morning. The index showed a 1.3% average increase in April.
Surprisingly, housing data have been relatively firm compared with the sogginess seen in employment, manufacturing and sentiment statistics.
Yesterday, The Department of Commerce said sales of new homes in the U.S. rose a brisk 7.6% in May to an annual rate of 369,000 vs. 343,000 in April, well ahead of expectations. The sales pace was the highest in two years.
Stock futures are modestly higher on the news.