US New-Home Sales Nearly Flat in May

Sales of new homes were virtually flat in May, compared to April, but down about one-third from the number of sales during the same period a year ago, the Commerce Department reported Wednesday. Home sales slid .6 percent to a seasonally adjusted annual rate of 342,000. The number of new homes for sale declined 2.3 percent to 292,000, a 10.2-month supply. The decline in new-home sales was entirely focused on the South, where sales fell 8.5 percent for the month. Meanwhile, sales of new homes gained 1.3 percent in the West and posted double-digit gains of 28.6 percent and 18.6 percent in the Northeast and Midwest, respectively.

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