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Purveyor

(29,876 posts) Tue Jun 25, 2013, 11:09 AM Jun 2013

New Home Sales Near Five-Year High, Prices Rise

WASHINGTON | Tue Jun 25, 2013 10:06am EDT

(Reuters) - Sales of new U.S. single-family homes rose to their highest level in nearly five years in May, confirming the housing market's strengthening tone.

The Commerce Department said on Tuesday sales increased 2.1 percent to a seasonally adjusted annual rate of 476,000 units - the highest level since July 2008. It was the third straight month of gains in new home sales.

Sales increased 3.3 percent in April. Economists polled by Reuters had expected new home sales to rise to a 462,000-unit rate last month.

Compared with May 2012, sales were up 29 percent.

Home sales data will be closely watched in the coming months for signs of strain from the rise in mortgage rates.

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http://www.reuters.com/article/2013/06/25/us-usa-economy-new-home-sales-idUSBRE95O0T820130625

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