New Home Sales Surge 16.6%, Smashing Expectations

[Account Closed]

Well, it looks like when you reopen the economy and remove fake barriers, things really start taking off again. Imagine that.

New Home Sales Surge 16.6%, Smashing Expectations

Sales of new homes in the United States surged higher in May as the economy reopened.

Sales of new single-family houses rose to a seasonally adjusted annual rate of 676,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 16.6 percent above the revised April rate of 580,000 and is 12.7 percent above the year-ago level.

"The huge boost in home sales in May suggests the economy is recovering
faster than expected. New home sales are only a small part of the
housing market but they can have an outsized economic impact because
homebuilding is labor-intensive and buyers typically also purchase a lot
of adjacent goods, such as furniture and appliances."