New home sales increased for the third consecutive month in May, rising by a punchy 12.2% m/m to reach 763,000 annualised, the highest level since February 2022. This leaves them firmly above pre-pandemic levels and around 20% above their level in May of last year. That is in marked contrast to existing home sales which remain low by historic standards despite a marginal rise in May. (See Chart 1.)
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