New home sales dip 6.0 percent in May
Rate slips from eight-year high in April, but still exceed May 2015 by 8.7 percent.
Sales of new single-family houses in May 2016 were at a seasonally adjusted annual rate of 551,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 6.0 percent (±12.8%)* below the revised April rate of 586,000, but is 8.7 percent (±14.6%)* above the May 2015 estimate of 507,000. The housing market's "two steps forward, one-step back" progress continues to shudder forward on the strength of low mortgage rates and the improving jobs market.
The median sales price of new houses sold in May 2016 was $290,400; the average sales price was $358,900. The seasonally adjusted estimate of new houses for sale at the end of May was 244,000. This represents a supply of 5.3 months at the current sales rate.
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