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  • New U.S. homes sales surge to six-year high in May

    Sales of new US homes surged to a six-year high in May suggesting the housing market is beginning to recover from its recent slowdown.

    Sales increased by 18.6% to a seasonally adjusted annual sales rate of 504,000 - the highest level since May 2008, according to the Commerce Department.

    However, the S&P/Case-Shiller index, also released on Tuesday, found house prices increases slowed in April.

    Economists had expected bigger rises.

    On a seasonally-adjusted basis, the home price index, covering 20 major US cities, rose 0.2% in April, and by 10.8% on an annual basis.


    More: http://www.bbc.com/news/business-28003734
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