New-home sales down 2%

Sales of new single-family homes in May 2011 dropped an estimated 2.1% over the previous month, according to figures released on June 23 by the U. S. Commerce Department. 

May’s seasonally adjusted number, 319,000 units, was below April’s 326,000 units but 13.5% above May 2010’s new-home sales of 281,000. 

The median sales price of new houses sold in May 2011 was $222,600; the average sales price was $266,400. The seasonally adjusted estimate of new houses for sale at the end of May was 166,000. This represents a supply of 6.2 months at the current sales rate.