Housing gives back some gains
May 31, 2004,
The broad American housing market showed signs of softening during April, reversing most of the gains of the prior month. Housing starts and new home sales both declined, and only the large market for lower-cost existing home sales continued to advance.
Housing starts — a gauge of future housing activity and, to some extent, home-builder confidence — slipped 2.1 percent, following a revised gain of 6.1 percent in March. Dragging the market segment down was a steep 13.7 percent drop in sales in the West, offsetting gains in the Northeast, Midwest and South.
Sales of existing homes, by far the largest piece of the housing market, grew for a third straight month, rising 2.5 percent, building on gains of 5.8 percent in March and 2.2 percent in February.
Housing by region
Month-to-month % change
|Existing home sales||Housing starts||New home sales|
|Source: U.S. Department of Commerce and National Association of Realtors