Sales of new single-family homes climbed 12.5% in May to a record annual rate of 1.157 million units, according to the U.S. Department of Commerce.Compared with the same month last year, new-home sales rose almost 18%. The record sales pace was sparked by the lowest mortgage rates in 40 years. Meanwhile, the Commerce Department said the median sales price of a new home is now $195,000, and the average sales price is $245,000. "The seasonally adjusted estimate of new houses for sale at the end of May was 336,000 [units]," the agency said. "This represents a supply of 3.5 months at the current sale rate." The Commerce Department can be found online at http://www.doc.gov.
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