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Single-Family Home Sales Up At Fastest Rate Since 1992

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Sales of new single-family houses in May rose 18.6 percent to a seasonally adjusted rate of 504,000 according to the U.S. Census Bureau. Wall Street expected a rate of 439,000 sales.

The sales pace was the fastest since 1992, while the median price of new homes in May was $382,000, up 6.9 percent from a year earlier. The average sales price was $319,200.

The supply of new homes at the end of May represented a 4.5 percent supply at the current sales rate.

Housing stocks generally rose on the news, led by LGI Homes (NASDAQ: LGIH) up 2.2 percent to $18.84. The Exchange-traded housing funds iShares Dow Jones US Home Const. (NYSE: ITB) has gained 1.57 percent to $24.53, while the similar SPDR S&P Homebuilders fund (NYSE: XHB) has gained 0.96 percent to $32.52.

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