May New Home Sales Rise More Than Expected
Washington, DC, June 24, 2014 -- New homes sales increased at the fastest pace in six years in May, according to the Commerce Department.
New homes sold at an annual rate of 504,000 in May, beating expectations for a rate of 440,000.
The gain was led by a huge surge in the Northeast.
Sales rose 34% in the West and 14.2% in the South.
The median price of new homes rose 4.6% to $282,000.