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.