New Home Sales Soar Higher in May

The U.S. Census Bureau is reporting that sales of new single-family houses in May 2020 were at a seasonally adjusted annual rate of 676,000. This is 16.6% above the revised April rate of 580,000 and is 12.7% above the May 2019 estimate of 600,000. The seasonally-adjusted estimate of new houses for sale at the end of May was 318,000. This represents a supply of 5.6 months at the current sales rate. The median sales price of new houses sold in May 2020 was $317,900. The average sales price was $368,800.