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.
The report also showed a six-month high in the number of homes sold but not yet started, indicating residential construction will continue to boost growth. What's more inventory remains lean. The supply of home available at the current sales pace fell to 5.2 months' worth, the lowest since November.
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