Search

New Home Sales Rise at Quickest Pace in 22 Years

by devteam June 24th, 2014 | Share

New home sales rose at the fastest pace in more than 20 years last month, hitting levels not seen since 2008.  The CensusrnBureau and the Department of Housing and Urban Development report that sales ofrnnewly constructed homes in May were at a seasonally adjusted annual rate ofrn504,000, 18.6 percent higher than April and a 16.9 percentrngain over sales in May 2013.  April numbers were revised to 425,000 fromrnthe 433,000 reported earlier.</p

On a non-seasonally adjusted basisrnthere were 49,000 new homes sold in May. rnIn April non-adjusted sales totaled 40,000, identical to the number soldrnin May 2013.</p

At the end of the reportingrnperiod there were an estimated 189,000 new homes for sale nationwide, 109,000rnof which were under construction.  Thisrnis an estimated 4.5 month supply at the current pace of sales.  While the number of homes for sale arernessentially the same as in April, the supply is down from the 5.3 monthrninventory estimated that month.  In Mayrn2013 there were 162,000 homes for sale, also a 5.3 month supply. </p

The median price of a newlyrnconstructed home sold during the month was $282,000 and the average price wasrn$319,200.   In May 2013 the median price was 263,700 andrnthe average was $314,000.</p

Regionally the strongest showing</bwas in the Northeast where new home sales were up 54.5 percent from April andrn36.0 percent from one year earlier.  Inrnthe Midwest there was a monthly increase in the rate of sales of 1.4 percentrnand 5.7 percent on an annual basis.  Salesrnin the South were up 14.2 percent and 11.8 percent for the respective timernperiods.  There were also substantialrngains in the West where May sales were 34.0 percent higher than in April andrn32.7 percent above those one year earlier. </p

Homes that sold in May were onrnthe market a median of 3.3 months.  Onernyear earlier the median marketing period was 4.5 months.

All Content Copyright © 2003 – 2009 Brown House Media, Inc. All Rights Reserved.nReproduction in any form without permission of MortgageNewsDaily.com is prohibited.

About the Author

devteam

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

See all blogs
Share

Comments

Leave a Comment

Leave a Reply

Latest Articles

Real Estate Investors Skip Paying Loans While Raising Billions

By John Gittelsohn August 24, 2020, 4:00 AM PDT Some of the largest real estate investors are walking away from Read More...

Late-Stage Delinquencies are Surging

Aug 21 2020, 11:59AM Like the report from Black Knight earlier today, the second quarter National Delinquency Survey from the Read More...

Published by the Federal Reserve Bank of San Francisco

It was recently published by the Federal Reserve Bank of San Francisco, which is about as official as you can Read More...