New Home Sales Rise Strongly in May

The Commerce Department reported that sales of new single-family homes rose for the third consecutive month in May to a record-high seasonally adjusted annual rate of 1.16 million units. This was 12.5 percent ahead of April’s seasonally adjusted sales pace, and the fourth time this year that sales have eclipsed the million-unit mark.

“This is one more report that confirms what builders in the field have been saying for the last several months: buyer demand is really being fueled by th

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