New-home sales nearly flat in May

Roberto

Sales of new homes were virtually flat in May, compared to April, but down about one-third from the number of sales during the same period a year ago, the Commerce Department reported Wednesday. The National Association of Home Builder’s Chief Economist David Crowe says. “The good news is that, even as the sales pace leveled in May, inventories of unsold new homes continued to shrink for a 25th consecutive month – a trend that is helping bring supply and demand into better alignment and thereby setting the stage for an eventual market recovery.”

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