New Home Sales at Highest Point in Two Years

Sales of new single-family homes increased to a seasonallyrnadjusted annual rate of 369,000 in May from a rate of 343,000 in Aprilrnaccording to figures released this morning by the U.S. Census Bureau and thernU.S. Department of Housing and Urban Development.  The month-over-month increase from thernslightly revised April number was 7.6 percent and May’s figure was 19.8 percentrnhigher than the new home sales estimate of 308,000 in May 2011.</p

The median price of a newly constructed single family homernwas $234,500 and the average was $273,900. rnIn May 2011 the median and average prices were $222,000 and $262,700rnrespectively.</p

Sales in the Northeast region were at a seasonally adjustedrnrate of 41,000, a 36.7 percent increase from April and up 127.8 percent from arnyear earlier.  In the Midwest sales wererndown 10.6 percent to 42,000 an increase of 2.4 percent compared to Mayrn2011.  Sales in the South increased 12.7rnpercent to a 204,000 unit rate, a 16.6 percent year-over-year change and in thernWest there were 82,000 sales, down 3.5 percent month-over-month but up 10.8rnpercent on an annual basis.</p

Sales on a non-seasonally adjusted basis totaled 35,000 nationallyrnin May compared to 33,000 in April.  Morernthan half (19,000) of the sales were in the Southern region.</p

At the end of May there were an estimated 145,000 new homesrnfor sale which represents a supply of 4.7 months at the current salesrnrate.  One year earlier there werern169,000 homes available, representing a 6.6 month supply.  The average house for sale has been on thernmarket for 7.9 months since construction was completed.</p

New Home Sales</p

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