May new home sales beat estimates, top 2010 levels

Sales of new homes beat expectations for May, but are still at historically low levels, according to the U.S. Census Bureau.

May sales were at a seasonally adjusted annual rate of 319,000, 13.5 percent above May 2010's record low (following the expiration of the home buyer tax credit) and 2.6 percent above April's revised rate of 326,000.

The consensus economist forecast was 305,000.

The median home sales price was $222,600. There were an estimated 166,000 new homes for sale in May, a 6.2 month supply, down from a 6.3 month supply in April.