Economics
Sales of New US Homes Jumped in May, Marking First Gain This Year
- Purchases climbed 10.7%, led by stronger demand in West, South
- Homes sold, awaiting ground breaking at highest since January
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Sales of new US homes jumped in May, reflecting gains in the West and South and interrupting a months-long skid as the residential real estate market adjusts to rising borrowing costs and still-elevated prices.
Purchases of new single-family homes increased 10.7% to an annualized 696,000 pace, the first gain this year, government data showed Friday. The figure followed an upwardly revised 629,000 in April. The median forecast in a Bloomberg survey of economists called for a 590,000 rate.