New Residential Sales Rise 18.6 Percent in May

Rate for month exceeds May 2013 by 16.9 percent.

The new home market is shaking off its winter blues and stepping into the sun. Sales of new single-family houses in May 2014 were at a seasonally adjusted annual rate of 504,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development.

This is 18.6 percent (±17.3%) above the revised April rate of 425,000 and is 16.9 percent (±19.6%)* above the May 2013 estimate of 431,000.

The median sales price of new houses sold in May 2014 was $282,000; the average sales price was $319,200.

The seasonally adjusted estimate of new houses for sale at the end of May was 189,000. This represents a supply of 4.5 months at the current sales rate.

Source: U.S. Census Bureau News