US new home sales unexpectedly rise in May

The data showed that new home sales in the United States rose 10.7% to a seasonally adjusted annual rate of 696 thousand units in May from 629 thousand units in April after an upward adjustment instead of the previously reported 591,000 units. On an annualized basis, US new home sales fell 5.9% in May, and the median contract rate on a 30-year mortgage rose this week at 5.81%, down from 5.78% last week. The median new home price rose 15.0% to $449,000 in May from the same period last year, and there were 444,000 new homes on the market at the end of May, the highest number since May 2008.