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U.S. markets recover from steep losses
WASHINGTON, June 25 (UPI) -- New home sales in the United States dropped to a seasonally adjusted annual rate of 512,000, the U.S. Commerce Department reported Wednesday.
Sales of new single-family homes declined 2.5 percent from April's revised rate of 525,000.
May's rate is 40.3 percent below May 2007, when home sales were at an adjusted rate of 857,000.
The median sales price of a new home sold in May was $231,000 with an average price of $311,300.
The Commerce Department said the seasonally adjusted estimate of 453,000 new homes were on the market in the United States at the end of the month would take 10.9 months to sell at the current pace of sales.
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