Sale of new U.S. homes rise to 2-year high in May - MarketWatch
Sales of new single-family homes rose to an annual rate of 369,000 in
May to mark the highest level in more than two years, the U.S. Commerce
Department reported Monday. Sales for April were unchanged at 343,000,
seasonally adjusted. Economists surveyed by MarketWatch had expected
new-home sales to rise to annual rate of 348,000 in May. The median
sales price fell 0.6% to $234,500 last month. Lower prices, low interest
rates and warmer weather likely gave a small boost to sales. The supply
of new homes on the market, at current sales pace, fell to 4.7 months
from 5.0 in April. Even with the latest increase, however, sales of new
homes are far below the normal level and reflect an industry still
trying to dig out of its worst slump in modern times.
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