Sales of new homes down in May from 8-year high
They fall 6% to a 551,000 annualised pace following April's 586,000 rate that was slower than previously estimated
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PURCHASES of new homes in the United States declined in May from an eight-year high as the housing market continued to display the choppy progress that's been a hallmark of the recovery.
Sales fell 6 per cent to a 551,000 annualised pace following a 586,000 rate in April that was slower than previously estimated, Commerce Department figures showed on Thursday. The median estimate in a Bloomberg survey called for a 560,000 pace in May.
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