New home sales in the U.S. continued to grow by more than expected in May, posting the strongest sales rate in roughly two years, according to figures released Monday by the Commerce Department.
The department put the sales of new single-family homes in May at a seasonally adjusted annual rate of 369,000, a 7.6 percent increase from April levels.
That puts sales of new homes at their strongest rate since April of 2010.
Most economists had expected April's 3.3 percent rebound in new home sales to be followed by continued growth, but the market consensus had predicted a lower rate of 350,000.
Perhaps contributing to the strong growth in sales, the median sales price of a new single-family home dipped to $234,500 from the April median of $236,000, a 0.6 percent decline.
by RTT Staff Writer
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