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New Home Sales Rise 2.1% Last Month, 29.6% Higher than May 2012

by devteam June 25th, 2013 | Share

Newly constructed home sales rose 2.1rnpercent in May to a seasonally adjusted annual rate of 476,000 units.rn The U.S. Census Bureau and the Department of Housing and UrbanrnDevelopment also revised the April sales estimate from the 454,000rnunits originally reported to 466,000. May new home sales were at arnrate 29.6 percent higher than the annualized pace of 369,000 unitsrnreported in May 2012.rn</p

On a non-seasonally adjusted basisrnthere were 45,000 homes sold compared to 46,000 in April and 35,000rnin May 2012. There were 14,000 completed homes sold and 16,000 forrnwhich construction had not yet begun.</p

The median price of a home sold in Mayrnwas $263,900 and the average sales price was $307,800. The medianrnprice one year earlier was $239,200 and the average was $280,900.</p

At the end of May there were 161,000rnnew homes for sale compared to 157,000 at the end of April and 144,000 one year earlier. The report estimates that the supply ofrnhomes provide an inventory of 4.4 months at the current rate ofrnsales, up slightly from a 4.0 months supply in April. </p

On a regional basis, new home sales inrnthe Northeast increased by 20.7 percent from April to May but werernunchanged from May 2012. Sales in the Midwest rose 40.7 percentrnmonth-over-month and were up 76.6 percent on an annual basis. In thernSouth new home sales decreased 9.0 percent from April but were 27.9rnpercent higher than a year earlier. Sales in the West were up 3.6rnpercent and 18.6 percent respectively.

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About the Author

devteam

Steven A Feinberg (@CPAsteve) of Appletree Business Services LLC, is a PASBA member accountant located in Londonderry, New Hampshire.

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