US new home sales reach seven-year high in May
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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