US new home sales rebound strongly in May

Sales of new U.S. single-family homes increased more than expected in May, suggesting the housing market was on the cusp of recovery after being hammered, together with the broader economy, by the COVID-19 pandemic.

FILE PHOTO: Real estate signs advertise new homes for sale in multiple new developments in York County, South Carolina, U.S., February 29, 2020. REUTERS/Lucas JacksonWASHINGTON: Sales of new U.S. single-family homes increased more than expected in May, suggesting the housing market was on the cusp of recovery after being hammered, together with the broader economy, by the COVID-19 pandemic.

The Commerce Department said on Tuesday new home sales jumped 16.6per cent to a seasonally adjusted annual rate of 676,000 units last month. New home sales are counted at the signing of a contract, making them a leading housing market indicator.April's sales pace was revised down to 580,000 units from the previously reported 623,000 units. Economists polled by Reuters had forecast new home sales, which account for about 10per cent of housing market sales, rising 2.

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