New single-family home sales fell to a seasonally adjusted annual rate of 551,000, according to the U.S. Census Bureau and the Department of Housing and Urban Development. The May rate is 6.0% below the revised April estimate of 586,000, but 8.7% above the May 2015 estimate.
Sales were mixed across regions, falling 33.3% in the Northeast, 0.9% in the South and 15.6% in the West. In contrast, sales in the Midwest rose by 12.9%.
The median price of a new home was $290,400, down 9.3% from April. The average price was $358,000, down 5.1% from the previous month.
At the end of May there was an estimated supply of 5.3 months at the current sales rate, up from a 4.9 month supply in April.
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