Fastest pace of new home sales in six years

|By:, SA News Editor

May's adjusted annual pace of 504K new home sales is the fastest print in six years. The number is 18.6% above April's pace and 16.9% higher than a year ago. The supply of new homes on the market at the current sales pace dropped to 4.5 months worth from 5.3 months in April.

Sales in the Northeast jumped to 34K from 22K in April, and those in the West to 130K from 97K.

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Homebuilder ETFs: ITB +1.2%, XHB +0.7%.

Toll Bros. (TOL +1.2%), Lennar (LEN +1.4%), D.R. Horton (DHI +1.7%), KB Home (KBH +1.7%), Hovnanian (HOV +1.3%), PulteGroup (PHM +1.3%)

Previously: New home sales soar past estimates