New Home Sales Retreated in May, April Revised Lower

Posted To: MND NewsWire

New home sales dropped back in May after a reported 16.6 percent surge the previous month, an increase that was revised down from what was first reported. The U.S. Census Bureau and Department of Housing and Urban Development said sales were at a seasonally adjusted annual rate of 551,000 units, down 6.0 percent from April but 8.7 percent ahead of the same month last year. At the same time, the April number was revised down from the 619,000 units previously reported to 586,000, cutting the percentage increase by a third. Analysts provided a wide range of estimates for the May number, from 500,000 to 610,000 but with a consensus of 565,000 . In reporting the predictions gather by Econoday, Bloomberg noted that lack of supply has been limiting sales and permits for new home construction are rising...(read more)

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