New single-family home sales increased 2.2 percent to a seasonally adjusted annual rate of 546,000 units in May compared with the April rate of 534,000, and is 19.5 percent above the May 2014 estimate of 457,000, according to the U.S. Census Bureau.
This is the highest new-home sales rate since February 2008, said Tom Woods, chairman of the National Association of Home Builders, in a statement.
"Our builders are seeing motivated buyers and the release of pent-up housing demand," he said.
By region, home sales in the Northeast spiked 87.5 percent and rose 13.1 percent in the West. New home sales declined 5.7 percent in the Midwest and 4.3 percent in the South.
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