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June 24, 2009

May new home sales dip 0.6 percent

WASHINGTON (AP) — The government says new U.S. home sales fell slightly last month, in another sign that the housing market's recovery is likely to be gradual and prolonged.

The Commerce Department said Wednesday that sales dropped 0.6 percent in May to a seasonally adjusted annual rate of 342,000, from a downwardly revised April rate of 344,000. Sales were down nearly 33 percent from May last year.

May's results missed the economists' expectations of a 360,000 sales pace, according to Thomson Reuters.

The median sales price of $221,600, was down 3.4 percent from a year earlier but still up 4.2 percent from April.

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