Surging Prices for New Homes Suggest Tight Low-End Supply

Home Construction

Record prices for new U.S. homes amid a sales pickup indicate the supply of houses may be tight at the lower end of the market, pinching first-time buyers, government data showed June 23.

Highlights of New Home Sales

• Single-family home sales increased 2.9% month-over-month to 610,000 annualized pace (estimate of 590,000).

• Median sales price surged 16.8% year-over-year to a record $345,800.

• Supply of homes unchanged at 5.3 months; 268,000 new houses were on market at the end of May.

Home Construction Sam Hodgson/Bloomberg News

Autonomous Vehicles in Nevada Roll Forward With New Legislation

Self-Driving Truck
Nevada displayed its dedication to refining autonomous vehicles, with the passage of and signing of Assembly Bill 69, industry officials said.
AB69 strengthens the state’s efforts in policy, as well as the research and development of fully autonomous vehicles. Gov. Brian Sandoval signed the bill into law on June 16, after it passed the Legislature with industry support from various automotive groups including General Motors, the Self-Driving Coalition — including Waymo, Uber, Lyft, Ford and Volvo — and the Alliance of Automobile Manufacturers.
Self-Driving Truck Daimler AG

Oil Drops to Seven-Month Low as Libya Adds to Persistent Surplus


Oil dropped to the lowest in seven months amid a revival in output from Libya and rising volumes of fuel held in floating storage.

Futures lost as much as 2.9% in New York after falling 1.2% June 19. Libya is pumping the most crude in four years after a deal with Wintershall AG enabled at least two fields to resume production. The amount of oil stored in tankers reached a 2017 high of 111.9 million barrels earlier this month, according to Paris-based cargo tracking company Kpler SAS.

pumpjack J. N. Stuart/Flickr