Tuesday, June 25, 2013

New Home Sales Improved in May

New home sales grew 2.1% in May to an annualized pace of 476,000 units. Home sales are now 29% above year ago levels. May’s report also included notable revisions to April’s pace, which was revised up to 466,000 units. Sales have been trending upward since

New home sales were not regionally balanced. The Midwest saw the largest gain, at 40.7% from the previous month levels, while sales dropped in south 9.0%.

The supply of existing homes rose slightly to 4.1 months, from a revised 4.0 months in April. Supply will remain at cyclical lows until residential construction picks up sufficiently.

The median house price dropped 3.2% to $263,900, but remains 10.3% above year ago levels.

Read the Census’ report.

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