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US DATA: May new home sales +6.7% to 689k SAAR, above the 665k rate exp. 
Both March and April sales were revised lower. Through two months, 
2Q sales, at a 668k average rate, stand above the 656k average for 1Q. 
-Sales were up 17.9% in the large South region, driving the headline 
increase, and bringing the region to its highest level since since July 
2007. Declines in the Northeast (-10.0%) and West (-8.7%), and a flat 
reading in the Midwest offered some offset.
-The supply of new homes for sale +1.0% to 299k, up 10.3% y/y. As a 
result of the much larger gain in sales, the months supply on market 
fell to 5.2 months from 5.5 months in April and 5.4 months a year ago, 
but the supply remains adequate to meet demand.
-The median new home sales price -1.7% to $313,000, -3.3% y/y, in 
contrast to the sharp gains seen in existing homes prices. 

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