New home sales rose in May

WASHINGTON, June 25 (UPI) -- Sales of new single-family homes rose 2.1 percent in April to May, the U.S. Commerce Department said Tuesday.

At an annual rate of 476,000, sales for the month increased over April's revised annual rate of 466,000 and came in 29 percent higher than the May 2012 estimate of 369,000.

The Commerce Department said the average price for a new home sold in March was $307,800.

At the end of March, there were an estimated 161,000 new homes on the market, representing a 4.1 month supply at the current rate of sales.