New home sales declined 11.3% to a seasonally adjusted annual rate of 619,000 units last month, the lowest level since November, the Commerce Department’s Census Bureau said on Wednesday.New home sales declined 11.3% to a seasonally adjusted annual rate of 619,000 units last month, the lowest level since November.Economists polled by Reuters had forecast new home sales, which account for more than 10% of US home sales, edging to a rate of 640,000 units.
They, however, can be volatile on a month-to-month basis. Sales slumped 16.5% on a year-on-year basis in May.IRS issues rare apology to billionaire Ken Griffin over tax records leakThe average rate on the popular 30-year fixed mortgage hit a six-month high of 7.22% in early May before retreating to 7.03% by the end of the month, data from mortgage finance agency Freddie Mac showed.They plummeted 12.0% in the densely populated South and decreased 8.
There were 481,000 new homes on the market at the end of May, up from 474,000 units in April, the Census report showed.