New home sales rebound in May

Photo by: WDAY Radio Staff
Photo by: WDAY Radio Staff

(Washington, DC) -- New home sales are on the rise for the first time this year.

The Commerce Department says sales of new single-family homes jumped ten-point-seven percent in May to an annual rate of 696-thousand units. The gain surprised industry experts given the steady rise in home prices and mortgage rates.

The average sales price of a new house in May was 511-thousand-400 dollars.