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U.S. new home sales rise in May

Staff Writer |
Sales of new U.S. single-family homes rose in May, according to figures released by the Commerce Department.

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New home sales were up 6.7% to a seasonally-adjusted annual rate of 689,000 from a revised rate of 646,000 in April. Economists had been expecting a rate of 667,000. Compared with May 2017, new home sales were up 14.1%.

The median price of a new home was $313,000, down from $318,500 in April, while inventory remained tight in May at 5.2 months compared to 5.4 a year ago.

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