Good news for the U.S. economy: New home sales soar in May from April
Sales of new homes rose 18.6% in May to an annualized rate of 504,000 from a revised 425,000 rate in April. That was well above the 440,000 annualized rate expected by economists surveyed by Briefing.com. This was the first time that annualized sales broke above 500,000 since May 2008. Supply fell to 4.5 months at the current sales pace from 5.3 months in April.