New Home Sales Edge 2.1% Lower in May
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The Commerce Department said Thursday new home sales for the month of May declined 2.1 percent from April, the first monthly move lower since dropping to an all-time low in February.
The purchase of new homes in the US totaled 319,000 last month, stronger than the 310,000 economist had been expecting. New home sales for April was revised higher from an initial reading of 323,000 to 326,000.
Next week, the Street will get readings on the S&P/CaseShiller Home Price Index and pending home sales for last month. Economists currently expecting pending home sales to be down about 1 percent on a month-over-month basis.
The SPDR S&P Homebuilder ETF (NYSE: XHB) is up 0.17 percent Thursday afternoon.
The purchase of new homes in the US totaled 319,000 last month, stronger than the 310,000 economist had been expecting. New home sales for April was revised higher from an initial reading of 323,000 to 326,000.
Next week, the Street will get readings on the S&P/CaseShiller Home Price Index and pending home sales for last month. Economists currently expecting pending home sales to be down about 1 percent on a month-over-month basis.
The SPDR S&P Homebuilder ETF (NYSE: XHB) is up 0.17 percent Thursday afternoon.
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