Sharon Nunn & Paul Kiernan | realtor.com
WASHINGTON—Sales of new homes in the U.S. rose heading into the summer months, despite high selling prices and low home inventory.
Purchases of newly-built single-family homes—a relatively narrow slice of all U.S. home sales—grew 6.7% to a seasonally adjusted annual rate of 689,000 in May, the Commerce Department said Monday. Economists surveyed by The Wall Street Journal had expected a smaller 0.9% increase.
From the prior year, sales increased 14.1% in May. The pace of new-home sales still remains well below the elevated levels seen before the 2007-09 financial crisis and recession.
New-home sales data can be volatile. May’s 6.7% gain came with a margin of error of 14.1 percentage points.
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