Sales of new single-family houses in May rose 18.6 percent to a seasonally adjusted rate a 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 LGIH up 2.2 percent to $18.84. The Exchange-traded housing funds iShares Dow Jones US Home Const. ITB has gained 1.57 percent to $24.53, while the similar SPDR S&P Homebuilders fund XHB has gained 0.96 percent to $32.52.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.