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Economic Report: New-home sales rebound in May

The numbers: New-home sales ran at a seasonally adjusted annual 689,000 rate in May.

That beat the MarketWatch consensus of a 668,000 selling pace, although revisions to prior months were mostly negative.

What happened: Sales of newly-constructed homes were 6.7% higher than a downwardly-revised April pace, and 14.1% higher than a year ago, the Commerce Department said Monday.

The median sales price in May was $313,000, 3.3% lower than a year ago. With a faster selling pace, it would take less time to exhaust available inventory: 5.2 months at the current pace, compared to 5.4 months in April.

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