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.


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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
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