New home sales crush expectations and rise for third month in a row

Sales of new homes unexpectedly surged in May, a sign that a lack of supply of houses for sale has driven buyers to seek out newly constructed units, a bright spot for the housing market. New home sales in May rose 12.2% last month to a seasonally adjusted annual rate of 763,000, according to a report Tuesday from the Census Bureau, far above the number expected by forecasters. The reading comes despite persistently high mortgage rates. Sales were 20% higher than in May 2022. Read the full story here: https://www.washingtonexaminer.com/policy/economy/new-home-sales-rise-for-third-month-in-a-row-defying-recession-fears Check out our website: https://www.washingtonexaminer.com/