By Mucahithan Avcioglu
ISTANBUL (AA) - New home sales in the US reached 623,000 units in May, below market forecasts, according to US Census Bureau data released on Wednesday.
The markets expected the figure to come in at 694,000 for the month.
The figure fell 13.7% month-on-month in May compared to April's downwardly revised rate of 722,000 units.
Meanwhile, on a yearly basis, the number of houses sold in May also dropped 6.3% from May 2024's figure of 665,000.
The agency said the median sales price of new houses in May was $426,600 and the average sales price was $522,200.
Meanwhile, building permits, a key indicator of market demand, dropped 2% from the previous month, totaling 1.394 million in May.
Still, the figure slightly exceeded market expectations of 1.393 million.