US New Homes sales decline in May. Durable Goods flat. | CountingPips Forex & Currency Trading Blog

June 25, 2008 - Forex Economic News

US New Homes sales decline in May. Durable Goods flat.

New Home Sales in the United States declined in May according to data released by the Department of Commerce. New home sales fell 2.5 percent in May for an annual rate of 512,000 which fell short of April's revised total of 525,000 sales. Market forecasts were predicting a sales rate of 512,000 new homes. May's annual sales rate compared to May 2007 is down by 40.3 percent. The median sales price of new homes registered $231,000 in May down from $245,500 in May 2007. The average sales price came in at $311,300 for May which was up from $309,700 in May 2007.

Durable Goods flat in May.

Durable goods orders in the U.S. were virtually unchanged for May in news released by the U.S. Commerce Department today. Durable goods orders totaled $213.6 billion in May while April's totals were revised downward to a 1 percent decline. Market forecasts were correct in their predictions for no change in durables. New orders excluding transportation fell by 0.9 percent and new orders excluding defense fell by 0.6 percent. Durable goods are products manufactured in the U.S. and considered to last more than three years. May results for shipments of durable goods decreased by 1.1 percent or $2.3 billion. Unfilled orders increased 0.9 percent and durable good inventories increased 0.4 percent from April which saw a 0.6 gain. May nondefense orders for new goods rose by 0.4 percent while defense orders for goods rose by 10.9 percent.

Tags: us economy, durable goods, new home sales, house, real estate

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