BY ALAN ZIBEL AND SARAH PORTLOCK
Sales of newly built homes in the U.S. increased in May to the highest level in more than two years, a sign of gradual recovery in a long-depressed part of the economy.
New single-family home sales grew by 7.6% from April to a seasonally adjusted annual rate of 369,000, the Commerce Department said Monday. May’s sales were the highest since April 2010 and were up nearly 20% above the same month a year ago.
Economists surveyed by Dow Jones Newswires had forecast an annual rate of 346,000, which would have been a 3.3% gain over the figure …