US new home sales hit fastest pace in 5 years

By Qiong (June) Zhang39 Comments

New home sales rose 2.1% last month compared with April to a seasonally adjusted annual rate of 476,000, the highest level since July 2008, the Commerce Department reported Tuesday.

The median price of a new home sold in May was $263,900, up 3.3% from a year ago.

The sales gains in May were led by a 40.7% increase in the Midwest followed by a 20.7% gain in the Northeast. Sales were also up 3.6 % in the West but they fell 9%  in the South.

The National Association of Realtors reported last week that sales of previously occupied homes surpassed 5 million in May. It was the first time that’s happened in 3½ years. The last time sales had exceeded 5 million was in November 2009, a month when the pending expiration of a home-buying tax credit briefly inflated sales.

The National Association of Home Builders/Wells Fargo builder sentiment index rose in June to 52, up from 44 in May. That was the highest reading in more than seven years and the largest monthly increase in more than a decade.


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