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US new home prices hit record in May

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US new home prices hit record in MaySales of new homes in the United States picked up in May, as prices surged to the highest levels on record, the Commerce Department reported Friday. The numbers followed an industry report this week showing a jump in sales and prices for existing homes, and were sure to fuel worries that homes could soon become unaffordable for many, with prices outstripping inflation and wage gains. Sales of new single-family homes rose 2.9 percent last month to an annual rate of 610,000, seasonally adjusted, putting the sales pace up 8.9 percent compared to May 2016, according to the report, surpassing analysts’ expectations.


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