New home sales at 763,000 annual rate in May versus 680,000 in prior month.
The numbers: Sales of newly built homes in the U.S. surged in May, amid a serious shortage of homes for sale in the resale market.The strength in new home sales was across the nation, led by the Northeast and the West. Overall, new home sales... The numbers: Sales of newly built homes in the U.S. surged in May, amid a serious shortage of homes for sale in the resale market.The strength in new home sales was across the nation, led by the Northeast and the West.
The jump exceeded expectations on Wall Street. Economists had forecast new home sales to total 675,000 in May. What are they saying? “Conditions are in place for further increases in sales despite mortgage interest rates being significantly higher over the past fifteen months than had been the case,” Richard Moody, chief economist at Regions Financial Corporation, wrote in a note.
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