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- U.S. new home sales unexpectedly decrease in May
U.S. new home sales unexpectedly decrease in May
The U.S.
Commerce Department announced on Tuesday that the sales of new single-family
homes decreased 7.8 percent m-o-m to a seasonally adjusted annual rate of 626,
000 units in May. That was
the lowest level since December 2018.
Economists had
forecast the sales pace of 680,000 last month.
April’s sales
pace was revised up to 679,000 units from the originally reported 673,000
units.
According to
the report, new home sales in the South, the largest area, fell 4.9 percent
m-o-m in May to the highest level since July 2007, while sales in the Midwest
rose 6.3 percent m-o-m. But sales tumbled 35.9 percent m-o-m in the West and plunged
17.6 percent m-o-m in the Northeast.
In y-o-y terms,
new home sales recorded a 3.7 percent drop in May.
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