Sales of New Homes in U.S. Declined in May From Eight-Year High
ByPurchases of new homes declined in May from an eight-year high as the housing market continued to display the choppy progress that’s been a hallmark of the recovery.
Sales fell 6 percent to a 551,000 annualized pace following a 586,000 rate in April that was slower than previously estimated, Commerce Department figures showed Thursday. The median estimate in a Bloomberg survey called for a 560,000 pace in May.
While the report showed demand retrenched last month, the volatile data are showing gradual improvement on the back of steady job gains and low mortgage rates. Stronger wage growth and a greater availability of cheaper properties would help lure more first-time buyers and provide an additional push for the housing recovery…
Sales of New Homes in U.S. Declined in May From Eight-Year High
