Salient to Investors:

Kevin Cummins at UBS Securities said we are moving in the right direction, and the data is consistent with an improvement in the labor market and income.

The median selling price increased 14.9 percent in April from a year ago to a record $271,600, reflecting increases in sales of homes costing $400,000 or more. Sales of homes priced less than $300,000 decreased.

Sales rose 10.8 percent in the West, rose in the South, but dropped in the Northeast and Midwest. The supply of homes at the current sales rate held at 4.1 months.

Sales of new properties, which are tallied when purchase contracts are signed, are considered a more timely measure of the market than sales of previously owned dwellings, which are counted when a sale is final.

The average rate on a 30-year fixed mortgage is 3.59 percent versus 3.78 percent a year ago.

Read the full article at http://www.bloomberg.com/news/2013-05-23/sales-of-new-homes-in-u-s-climbed-to-454-000-pace-in-april.html

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