Investing.com - Sales of new U.S. single-family homes rose in May, according to data released on Monday.
The Commerce Department said new home sales increased 6.7% to a seasonally adjusted annual rate of 689,000 units last month.
April’s number of units was revised down to 646,000 from an initial 662,000.
Economists had forecast new home sales rising 1.5% from April’s initial reading to a pace of 667,000 units last month.
New home sales, which are drawn from permits, are volatile from month to month.