New Home Sales at an annual rate of 551,000 in May

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Thursday, Jun 23 2016

New U.S. single-family home sales fell in May from a more than eight-year high amid weakness in three regions, but the overall housing market remains intact. The Commerce Department said on Thursday new home sales dropped 6.0% to a seasonally adjusted annual rate of 551,000 units. April's sales pace was revised down to 586,000 units, still the highest since February 2008, from the previously reported 619,000 units. Economists polled by Reuters had forecast new home sales, which account for about 9.1 percent of the housing market, sliding to a 560,000 unit-rate last month.

They were up 8.7% from a year ago. New single-family home sales are extremely volatile month-to-month and preliminary figures are subject to large revisions because they are mostly drawn from building permits data. April's jump in sales was seen by economists as unsustainable and May's drop left them at levels that probably offer a fair reflection of the new housing market.

Euro is currently being traded few points above 1.1380 level, Sterling is around 1.49 handle, while Aussie is at 0.76 area.

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