New Home Sales Up 7.6%

The US Department of Commerce announced this past Monday that the sales of single-family new homes increased by 7.6% in May. Compared to May 2010, new home sales increased by 19.8%. National Association of Home Builders chief economist, David Crowe, stated, “May’s sales report is a welcome sign that the market has returned to a more solid growth path following lackluster reports in March and April, and is keeping with our expectations for continued, steady improvement through the end of this year.”

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