Five Takeaways: Where is the U.S. Housing Market Headed?

By NICK TIMIRAOS

Tuesday’s housing reports paints a picture of a housing market that may slowly be gaining some balance.

Home prices aren’t going up as fast as they were a year ago, when talking heads were buzzing about a potential bubble. And sales of new homes, which have struggled to increase from relatively low levels of a year ago, posted huge gains in May, according to the Commerce Department.

Here are five takeaways:

1. If the May figure of 504,000 sales at a seasonally adjusted annual rate isn’t revised down, this would put sales of new homes at their highest levels in six years.

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