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Business Apr 18 - 1,305 views
Photo: The Canadian Press
In this Wednesday, June 20, 2018, photo, a for sale sign is displayed in front of home under construction in Raymond, N.H. On Monday, June 25.
Sales of new U.S. homes jumped 6.7 per cent in May, with purchases in the South accounting for all of the monthly gains.
The Commerce Department said Monday that new homes sold last month at a seasonally adjusted annual rate of 689,000, up from 646,000 in April. The South reported monthly sales growth of 17.9 per cent, while sales were flat in the Midwest and fell in the Northeast and West.
For the first five months of this year, new-home sales have risen 8.8 per cent as a solid job market and shortage of existing homes on the market have boosted demand. In a sign that buyers are eagerly seeking out properties among a diminished inventory, there was a 17.4 per cent surge last month in the sale of homes before construction begins.
