ST. LOUIS, MO (KTVI)-- It's the latest signal that the housing market could be near bottom. Its a bright spot for the nation's struggling housing market. A new report indicates that the real estate industry could be on the mend.
According to the U.S. Commerce Department - new home sales shot up 7.6% in May - the highest level in two years and up more than 20% compared to 2011.
While new home sales account for only seven and a half percent of the U-S housing market, the average price of a new home jumped more than 5% to $234,500 in May - yet another sign that the real estate market is improving.