×
Newsmax TV & Webwww.newsmax.comFREE - In Google Play
VIEW
×
Newsmax TV & Webwww.newsmax.comFREE - On the App Store
VIEW
Tags: new home sales | interest rates | mortgages

New Home Sales Unexpectedly Rise in May

New Home Sales Unexpectedly Rise in May
(Dreamstime)

Friday, 24 June 2022 10:17 AM EDT

Sales of new U.S. single-family homes unexpectedly rose in May, but the rebound is likely temporary as home prices remain elevated and mortgage rates approach 6%, reducing affordability.

New home sales jumped 10.7% to a seasonally adjusted annual rate of 696,000 units last month, the Commerce Department said on Friday. May's sales pace was revised higher to 629,000 units from the previously reported 591,000 units.

Economists polled by Reuters had forecast that new home sales, which account for a small share of U.S. home sales, would fall to a rate of 588,000 units.

© 2024 Thomson/Reuters. All rights reserved.


StreetTalk
Sales of new U.S. single-family homes unexpectedly rose in May, but the rebound is likely temporary as home prices remain elevated and mortgage rates approach 6%, reducing affordability.
new home sales, interest rates, mortgages
93
2022-17-24
Friday, 24 June 2022 10:17 AM
Newsmax Media, Inc.

Sign up for Newsmax’s Daily Newsletter

Receive breaking news and original analysis - sent right to your inbox.

(Optional for Local News)
Privacy: We never share your email address.
Join the Newsmax Community
Read and Post Comments
Please review Community Guidelines before posting a comment.
 
Get Newsmax Text Alerts
TOP

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved
NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved