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Financial News Network
June 23, 2011 AT 10:41 PM
Sales of new homes fell 2.1% in May to a seasonally adjusted, estimated annual rate of 319,000 the Department of Commerce reported today.That was higher than the 310,000 than economists had expected, and was also 13.5% higher than new home sales in May 2010.April's sales numbers were revised slightly higher, to an annualized rate of 326,000 from the initially reported 324,000.The supply of new homes on the market fell 3.5% to 166,000, which represents 6.2 months of supply at the current rate of sales.The median price for a new home rose 2.6% from April to $222,600, down 3.4% from the year ago month.