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To: long-gone who wrote (55168)	6/26/2000 11:22:00 AM
From: Rarebird	Read Replies (1) \| Respond to of 116762

New Home Sales Higher than expected - guess things are slowing down as much as the Fed would like? U.S. home sales jump May sales gain 4.3% to 5.09M annual rate, bigger jump than expected June 26, 2000: 10:54 a.m. ET NEW YORK (CNNfn) - Sales of existing homes rose at a faster-than-expected pace in May as more buyers completed purchases agreed to earlier in the spring, a real estate group said Monday. The Washington-based National Association of Realtors said sales rose 4.3 percent to an annual rate of 5.09 million, higher than April's revised rate of 4.88 million pace and well above the 4.85 million expected by economists polled by Briefing.com. "After setting a record low in January for the number of homes available for sale, many buyers were frustrated in early spring because there simply weren't enough homes on the market," NAR President Dennis Cronk said. "Many homes listed in March and April received quick offers, resulting in a higher number of transactions closed in May," he said. The report comes a day before Federal Reserve policy-makers meet to discuss the economy and interest rates. The Fed has raised short-term rates six times in the past year in a bid to slow economic growth and ward off inflation.