New Home Sales Hits 12-Month Low in May

Source: U.S. Census Bureau and U.S. Department of Housing and Urban Development

Sales of new single-family houses in the United States dropped by 5.9% in May to mark the worst performance in a year.

• The seasonally adjusted annual sales rate stood at 769,000. This is the lowest since May 2020’s 704,000.
• There were 330,000 new houses for sale during the month, the most since at least May 2020’s 312,000.
• The houses for sale in May translates to a supply of 5.1 months at the current sales rate.
• The median sales price for new houses was recorded at $374,000, while the average sales price was $430,600.