Thu, May 16th, 2024 - 3:38pm
June 25, 2022 - 12:30pm | By Kyle Cornell
(Washington, DC) -- New home sales are on the rise for the first time this year.
The Commerce Department says sales of new single-family homes jumped ten-point-seven percent in May to an annual rate of 696-thousand units. The gain surprised industry experts given the steady rise in home prices and mortgage rates.
The average sales price of a new house in May was 511-thousand-400 dollars.