US Home Sales Rise in May

Sales of new U.S. single-family homes increased more than expected in May as sales in the South surged to their highest level in nearly 11 years.



The Commerce Department said on Monday new home sales jumped 6.7 percent to a seasonally adjusted annual rate of 689,000 units last month, the highest level since November 2017. April’s sales pace was revised down to 646,000 units from the previously reported 662,000 units.

Last month’s surge in new home sales unwound April’s drop. Economists polled by Reuters had forecast new home sales, which make up 11 percent of housing market sales, rising only 0.7 percent to a pace of 667,000 units in May.

Sales in the South, which accounts for the bulk of transactions, rebounded 17.9 percent to a rate of 409,000 units in May, the highest level since July 2007. The increase ended two straight months of declines.

via Reuters

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza