Sales of new homes in the US surged in May to the highest level in over two years, official statistics showed today, in positive news for the struggling market.
Sales of single-family homes hit an annualised rate of 369,000, according to seasonally adjusted estimates from the US Census Bureau.
That was up 7.6% above April's level and 19.8% above this time last year.
Economists said they viewed the May new homes sale report as yet another data point that supports the view that US housing is in a moderate recovery phase.
