WASHINGTON (AFP)-U.S. new home sales fell 2.1 percent in the month of may, the Commerce Department said Thursday, indicating that the weak property market was still weighing down the world's largest economy.
Sales of new single-family homes, were estimated at a seasonally adjusted annual rate of 319.000 in may, down from the revised April figure of 326.000, the Commerce Department said in a monthly report.
The may figures were better than analysts ' consensus estimate of 305.000 and figure magazine in April a slight improvement over the original estimate of 323.000 Department of Commerce.
Still, the overall level remained disappointingly low, pointing to continued weakness in the housing market, a pillar of the US economy will improve for the broader economy recover.
"The housing market remains the weak point of the current recovery as families are still deleveraging and remain cautious about making a commitment to long-term debt in the context of high unemployment and slow economic growth," said Inna Mufteeva, an economist with Natixis.
2007-2008 the collapse of us real estate market after many years of rising prices was of fundamental reasons why the global economy into recession with tip.
On Tuesday, the National Association of Realtors reported that sales of existing homes in the United States were dropped 3.8 per cent in May to a seasonally adjusted annual rate of 4.81 million.
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