US New Home Sales Miss Forecast in May, Drop to 580,000
May new home sales in the US fell to 580,000 units, missing the 640,000 forecast and declining from April's 622,000, signaling cooling housing demand.
The US Census Bureau reported that new home sales in May came in at a seasonally adjusted annual rate of 580,000 units, well below the consensus estimate of 640,000. Sales also declined from April's revised figure of 622,000.
The weaker-than-expected reading points to a slowdown in the housing market, likely weighed down by elevated mortgage rates and affordability constraints. The data adds to signs that the Federal Reserve's tightening cycle is cooling interest-sensitive sectors of the economy.
Source: First Squawk