Markets & Economy

Market update June 15, 2015: Homebuilder confidence, California sales and more

The latest daily real estate market news collected on a single page

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National Association of Home Builders/Wells Fargo Housing Market Index (HMI) shows: Builder confidence in the market in June hit its highest level since September 2014. The index registered a score of 59 in June, up five points from May. (A score over 50 indicates more builders view conditions as good than poor.) The component gauging current sales conditions leaped seven points to 65. The component gauging sales expectations jumped six points to 69. The component gauging buyer traffic rose four points to 44. The California Association of Realtors (CAR) reported that existing-home sales were down in May: Sales for existing single-family homes totaled 423,360 in May on a seasonally adjusted annualized rate. May sales were down 1.1 percent from April 2015 (see infographic below) but up 8.9 percent from May 2014. The statewide median home price for May was $485,380, up 0.8 percent from April 2015 and up 4.4 percent from May 2014. CAR indicated that the avail...