New home sales rose in May

WASHINGTON, June 25 (UPI) -- Sales of new single-family homes rose 7.6 percent in April to May, the U.S. Commerce Department said Monday.

Sales climbed to a seasonally adjusted annual rate of 369,000, which topped the revised April rate of 343,000 and came in 19.8 percent higher than 12 months prior when an estimated 308,000 new single-family homes were sold.

The Commerce Department said the average sale price for a new home sold in May was $273,900.

Going into June, there were 145,000 new homes on the market, enough to last 4.7 months at the current rate of sales, the Commerce Department said.