New Home Sales Decline in May
Jun 26, 2008
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Sales of newly built, single-family homes in the United States fell 2.5% in May to a seasonally adjusted annual rate of 512,000 units, largely offsetting a gain they recorded in the previous month, according to a Commerce Department report.
 
The report also indicated that the inventory of new homes for sale fell 1.7% in May to 453,000 units, which is a 10.9-month supply at the current sales pace. Regionally, sales were down 7.9% in the Northeast and 11.6 percent in the West in May. Sales gained 5.1% in the Midwest and rose 0.4% in the South.

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