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U.S. purchases of new homes advanced in May to a six-month high as sales in the South increased to the fastest pace since 2007, according to government data released Monday.

Single-family home sales rose 6.7% m/m to 689k annualized pace (est. 667k) after 646k rate (revised from 662k) Median sales price decreased 3.3% y/y to $313,000 Supply of homes at current sales rate fell to 5.2 months from 5.5 months. The stronger-than-forecast gain in U.S. sales reflected a 17.9% surge in the South, the nation’s largest region, to a 409,000 annualized pace. While that was the strongest in almost 11 years, demand was mixed in other parts of the country.

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