US new home sales jump unexpectedly to highest rate in over a year

New home sales in the United States surged unexpectedly in May, the Commerce Department said Tuesday, reaching the highest rate in over a year despite efforts to cool the economy. Sales of new properties have been rising in recent months, with a lack of inventory elsewhere pushing buyers into the market. May sales of new single-family houses jumped 12.2 percent over the previous month -- to a seasonally adjusted annual rate of 763,000 -- the Commerce Department said in a statement. That defied expectations of a decline, and is markedly higher than April's revised rate of 680,000. To continue reading the rest of the article, please click on the source link below: https://news.yahoo.com/us-home-sales-post-surprise-142257558.html