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The U.S. Commerce Department released new home sales data on Tuesday. New home sales increased 2.2% to a seasonally adjusted annual rate of 546,000 units in May from 534,000 units in April. It was the highest level since February 2008.
April's figure was revised up from 517,000 units.
Analysts had expected new home sales to reach 525,000 units.
The increase was driven by higher sales in the Northeast. New home sales in the Northeast climbed 87.5% in May.
The median sales price of new houses sold was $282,800 in May, down from $291,100 in April.
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