New US Residential Single-Family Home Sales Tumble in May

Posted on June 26, 2024

On Wednesday, the US Census Bureau and the Department of Housing and Urban Development jointly announced that new residential single-family home sales for May were at a SAAR of 619,000, according to estimates. This is 11.3% below the revised April rate of 698,000 and 16.5% below the May 2023 estimate of 741,000.

The median sales price of new houses sold in May was $417,400. The average sales price was $520,000.

The seasonally adjusted estimate of new houses for sale at the end of the month was 481,000. This represents a supply of 9.3 months based on the current rate of sales.

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