U.S. new home sales unexpectedly rise in May
WASHINGTON, June 24 (Reuters) - Sales of new U.S.
single-family homes unexpectedly rose in May, but the rebound
is likely temporary as home prices remain elevated and mortgage
rates approach 6%, reducing affordability.
New home sales jumped 10.7% to a seasonally adjusted annual
rate of 696,000 units last month, the Commerce Department said
on Friday. May's sales pace was revised higher to 629,000 units
from the previously reported 591,000 units.
Economists polled by Reuters had forecast that new home
sales, which account for a small share of U.S. home sales, would
fall to a rate of 588,000 units.
(Reporting by Lucia Mutikani; Editing by Mark Porter)
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