Sales of new U.S. single-family homes surged to the highest level in nearly 1-1/2 years in May, benefiting from a dearth of previously owned homes available for sale.
New home sales jumped 12.2% to a seasonally adjusted annual rate of 763,000 units last month, the highest level since February 2022, the Commerce Department said on Tuesday.showing that real construction spending on new manufacturing facilities has doubled so far this year compared to the 2005-2022 average, driven largely by infrastructure, semiconductor and clean energy subsidies and tax incentives.
Real spending on computer, electronics and electrical manufacturing facilities nearly quadrupled over the same period, the Treasury said. April's home sales pace was revised down to 680,000 units from the previously reported 683,000. Economists polled by Reuters had forecast new home sales, which account for a small share of U.S. home sales, slipping to a rate of 675,000 units.
Sales shot up 20.0% on a year-on-year basis in May. New home sales are counted at the signing of a contract, making them a leading indicator of the housing market. They, however, can be volatile on a month-to-month basis. The housing market has likely found a floor and could be even improving. Data last week showed homebuilder confidence rising into positive territory in June for the first time in 11 months. Housing
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