Sales of new single-family houses in May 2016 were at a seasonally adjusted annual rate of 551,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 6.0% (±12.8%)* below the revised April rate of 586,000, but is 8.7% (±14.6%)* above the May 2015 estimate of 507,000.
Sales in all regions except the Midwest fell from April, with that region a 12.9% gain and a 16.7% increase year over year. The Northeast was down 33.3% from April but still up 30.8% from last May and the West was down 15.6% sequentially and down 8.8% from last May. The South was down 0.9% from April but up 13.3% from last year.
The median sales price of new houses sold in May 2016 was $290,400, down from $320,000 in April; the average sales price was $358,900, down from $378,200 in April. The seasonally adjusted estimate of new houses for sale at the end of May was 244,000. This represents a supply of 5.3 months at the current sales rate.
More to come from the Hanley Wood Data Studio.