May New Home Sales Higher Than Expected

Washington, DC, June 25, 2012 — Sales of new single-family homes rose more than expected to an annual rate of 369,000 in May.

It was the highest level in more than two years, according to the Commerce Department.

Sales for April were unchanged at 343,000, seasonally adjusted. Economists  had expected new-home sales to rise to annual rate of 348,000 in May.

The median sales price fell 0.6% to $234,500.