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US new home sales reach seven-year high in May

by ChemOrbis Editorial Team -
  • 24/06/2015 (11:19)
New home sales in the US reached a more than seven year high in May, according to data released by the US Commerce Department. New home sales rose 2.2% to a seasonally adjusted annual pace of 546,000 units, reaching the highest level seen since February 2008. Economists’ initial estimates had called for an increase to 525,000 units in a survey conducted by the Reuters.

The rise in new home sales was attributed to a strengthening jobs market and government incentives to assist first time buyers.

New home sales in the Northeast rose 87.5%, posting the largest increase seen since July 2012. Meanwhile, new home sales increased 13.1% in the West. However, sales decreased 4.3% in South and fell 5.7% in the Midwest.
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