By Ed Frankl
Sales of new single-family homes in the U.S. fell in May, as demand continues to slump amid high mortgage rates. Here are the main takeaways from the Commerce Department report released Wednesday:
--New home sales plunged 11.3% in May compared with April, declining to a seasonally adjusted rate of 619,000. The level for April also was revised up to 698,000, from 634,000 originally published.
--Sales had been expected to come in at 640,000, according to economists surveyed by The Wall Street Journal.
--Monthly new home sales data are volatile and often revised. Data for May came with a margin of error of 15.5%.
--Sales were 16.5% lower than in May 2023, adjusted for seasonal shifts.
--The estimate of new houses for sale was 481,000, representing a supply of 9.3 months at the current sales rate.
--The lower number of sales of new homes came after existing-home sales also declined in May, albeit by a more marginal 0.7%, according to data published last week.
Write to Ed Frankl at edward.frankl@wsj.com
(END) Dow Jones Newswires
06-26-24 1037ET
