Suicide bomber in UK, New Home Sales in April, Luxury Home Builder sold more homes and orders surged 26%
May 23, 2017
A lone suicide bomber killed 22 and injured 59 overnight in at a concert in Manchester, U.K. ISIS has taken responsibility for the horrific attack. One person has been apprehended in connection with the bombing, while the bomber has yet to be identified. The attack occurred at an Ariana Grande concert where many children were present.
After hitting a near 10-year high in March, New Home Sales in April fell to an annual rate of 569,000, below the 605,000 expected and below the 642,000 in March, which was revised from 621,000. From April 2016 to April 2017, sales were up just 0.5%. The decline in sales was due in part to rising building material costs along with a lack of lots and a shortage in labor. Inventories are running at a 5.7 month supply, just below the six-month supply that is considered healthy.
Luxury home builder Toll Brothers reported on Tuesday that it sold more homes and said orders surged 26% in its quarterly earnings report. As of April 30, Toll Brothers sold 1,638 in the latest quarter, up from 1,304 in the previous quarter. The average price to purchase a new Toll Brothers home fell to $832,400 from $855,500 a year earlier, which was due in part to lower priced homes geared towards millennials. A spokesperson for the builder said it was the best spring selling season in over 10 years.
