New single-family home sales fall in May
Sales of new single‐family houses in May fell 7.8% to a seasonally adjusted annual rate of 626,000 from the revised April rate of 679,000, the U.S. Census Bureau and the Department of Housing and Urban Development reported today.
The latest numbers are also 3.7% below the May 2018 estimate of 650,000.
Regionally, sales in the Northeast fell 17.6% while sales in the West plummeted 35.9%.
Single-family sales in the Midwest increased 6.3% and rose 4.9% in the South.
The median sales price of new houses sold in May 2019 was $308,000. The average sales price was $377,200.
The seasonally‐adjusted estimate of new houses for sale at the end of May was 333,000. This represents a supply of 6.4 months at the current sales rate.
"The report shows growth in sales in the $200,000-300,000 price range, which indicates middle-class demand for housing is being supported by low rates and solid employment,” said Greg Ugalde, chairman of the National Association of Home Builders (NAHB) and a home builder and developer from Torrington, Conn.
“The May numbers are a bit surprising given lower mortgage interest rates and solid builder confidence data,” said NAHB Chief Economist Robert Dietz. “Based on these conditions, we expect June new home sales figures will show a rebound.”
The latest new residential sales reports follows last week’s report that existing-home sales report increased 2.5% in May to a seasonally adjusted annual rate of 5.34 million.
The latest numbers are also 3.7% below the May 2018 estimate of 650,000.
Regionally, sales in the Northeast fell 17.6% while sales in the West plummeted 35.9%.
Single-family sales in the Midwest increased 6.3% and rose 4.9% in the South.
The median sales price of new houses sold in May 2019 was $308,000. The average sales price was $377,200.
The seasonally‐adjusted estimate of new houses for sale at the end of May was 333,000. This represents a supply of 6.4 months at the current sales rate.
"The report shows growth in sales in the $200,000-300,000 price range, which indicates middle-class demand for housing is being supported by low rates and solid employment,” said Greg Ugalde, chairman of the National Association of Home Builders (NAHB) and a home builder and developer from Torrington, Conn.
“The May numbers are a bit surprising given lower mortgage interest rates and solid builder confidence data,” said NAHB Chief Economist Robert Dietz. “Based on these conditions, we expect June new home sales figures will show a rebound.”
The latest new residential sales reports follows last week’s report that existing-home sales report increased 2.5% in May to a seasonally adjusted annual rate of 5.34 million.