Sales of new homes in the US jumped in May, but…

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Sales of homes rose less than 1% in May, but prices jumped from the same time a year ago. (Photo: Milwaukee Journal Sentinel photo).

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WASHINGTON – Sales of new U.S. homes jumped 6.7 percent in May, with purchases in the South accounting for all of the monthly gains. The Commerce Department said Monday that new homes sold last.

Nationwide sales of new homes soared in May, thanks almost entirely to activity the South. Purchases of new single-family homes rose 6.7 percent last month to a seasonally adjusted annual rate of.

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But most of the gains were confined to one region. In its monthly report, the U.S. Census Bureau said new home sales occurred at a seasonally adjusted annual rate of 689,000. That’s up 6.7 percent from April and is 14 percent higher than May 2017. The median sales price of new houses sold in May was $313,000, the lowest since April 2017.

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New Home Sales Jump in May By Robert Dietz on June 24, 2014 (). New single-family home sales reached the highest pace in six years in May. According to estimates from the Census Bureau and the Department of Housing and Urban Development, new home sales were at a seasonally adjusted annual rate of 504,000 in May, a gain of 18.6% over a slightly downwardly revised April (425,000).