Sales of New Homes Show Unexpectedly Strong Rise

Analysts are still looking for sales of both new and existing homes to fall about 10 percent this year as rising mortgage rates crimp demand.

Sales of new homes rose in May, surprising economists who had forecast that housing would slow because of rising mortgage rates.

The Commerce Department reported Monday that sales of new single-family homes increased 4.6 percent in May, to a seasonally adjusted annual rate of 1.234 million units. But the median price of homes sold declined — to $235,300, a drop of 4.3 percent from the April sales price. (Read More)

Source: NY Times

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