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Free AccessMay new home sales +6.7% to 689k SAAR, the..>
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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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.