New-home sales rise in May

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Sales of new single-family houses rose 2.1 percent in May, increasing to a seasonally adjusted annual rate of 476,000, according to an estimate jointly released today by the U.S. Census Bureau and the U.S. Department of Housing and Urban Development.

Compared to last year, sales were up 29 percent, the release said.

At the current rate of sales, the 161,000 new houses for sale in May represented a 4.1-month supply. Source: U.S. Census Bureau and the U.S. Department of Housing and Urban Development.