US DATA: May new home sales +7.6% to 369k SAAR vs 345k expected and
high since April 2010. NSA sales also high since April 2010, suggesting
the upward trend continued. The sales pace was unrevised in the prior
month and revised up slightly in March. In May, sales were up in the NE
and large South region, but fell in MW and West. The supply of new homes
+0.7% to 145k, but the sales jump pulled the months supply down to 4.7
vs 5.0 in April and 6.6 a year ago. May months supply low since Oct’05.
The median new home sales price -0.6% m/m to $234,500, +5.6% yr/yr.