New Residential Home Sales Rebound in May 2022

The U.S. Census Bureau and the Department of Housing and Urban Development jointly announced on Friday (6-24-22) that new residential single-family home sales for May 2022 were at a seasonally adjusted annual rated (SAAR) of 696,000, according to estimates. This is 10.7% above the revised April rate of 629,000 but is -5.9% below the May 2021 estimate of 740,000.

The median sales price of new houses sold in May was $449,000. The average sales price was $511,400.

The SAAR estimate of new houses for sale at the end of May was 444,000. This represents a supply of 7.7 months at the current sales rate.

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