US new home sales beat forecasts in May
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16:40 12/11/24
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New home sales rose by much more than expected last month, but the strength was focused in only some parts of the country and prices fell back.
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According to the Department of Commerce, new home sales increased by 10.7% month-on-month to reach an annualised pace of 696,000.
Economists had penciled-in a sales clip of 595,000.
Nevertheless, the rise was concentrated solely in the South and West of the US.
The inventory of homes available for sale meanwhile dropped by 7.2% on the month to 7.7 months' worth of sales.
Median sales prices for new homes slipped from $454,700 in April to $449,000 for May, while the average price of a new home declined from $569,500 to $511,400.