- Patrick Briggs/Flickr
New home sales fell less than expected in May, by 6%, according to the Census Bureau.
Economists had forecast that sales fell 9.5% at a seasonally adjusted annual rate of 560,000, according to Bloomberg.
April’s sales numbers were revised lower.
Via Bank of America Merrill Lynch:
“The risk is that the April data are revised lower, given the tendency for these data to be revised. But even assuming that the gain in April is moderated, the recent trend in new home sales has been robust, consistent with the strong gains in mortgage purchase applications and pending home sales.”
The median price of new houses sold during the month was $290,400, while the average sales price was $358,900.