Sales of new homes in the United States surged in May to the highest level in over two years, official statistics showed Monday, in positive news for the struggling market.
Sales of single-family homes hit an annualized rate of 369,000, according to seasonally adjusted estimates from the US Census Bureau.
That was up 7.6 percent above April’s level and 19.8 percent above this time last year.
“We see the May new homes sale report as yet another data point that supports our view that housing is in a moderate recovery phase,” said economist Michael Gapen of Barclay Capital.There is a margin of error of plus or minus 12.2 percent on month to month statistics.
Source by: The Star
Picture courtesy of: pattayadailynews
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