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Economy in Brief

New Home Sales Up, Prices Down
by Tom Moeller June 24, 2005

New single-family home sales in May rose 2.1% m/m to 1.298M. The figure was slightly below the record level reached last October but sales during prior months were revised lower. Consensus estimates had been for sales of 1.32M.

Sales in the Northeast in May gave back all of the prior month's spurt (-28.2% y/y) and sales in the South fell 0.8% (+3.8% y/y), down for the fourth month this year. Sales in the Midwest rose 22.9% (28.2% y/y) to a record high and sales out West rose 1.7% (0.8% y/y).

The median price of a new single family home fell 6.5% to $217,000 (+2.5% y/y), the lowest level since last September.

The figures from the Census Department reflect homes sold.

Homes Sales (000s, AR) May April Y/Y 2004 2003 2002
New Single-Family 1,298 1,271 4.4% 1,200 1,091 976
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