Posted June 25, 2019

New Home Sales Slide 7.8 Percent in May

Sales for month drop 35.9 percent in the West and 17.6 percent in the Northeast. 

June 25, 2019 ‐ The U.S. Census Bureau and the U.S. Department of Housing and Urban Development jointly announced the following new residential sales statistics for May 2019:

New Home Sales

Nationally, sales of new single‐family houses in May 2019 were at a seasonally adjusted annual rate of 626,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 7.8 percent (±14.7 percent)* below the revised April rate of 679,000 and is 3.7 percent (±15.0 percent)* below the May 2018 estimate of 650,000.

Two key regions drove the plunge: a 35.9 percent drop in the West and a 17.6 percent decline in the Northeast more than offset modest gains of 6.3 percent in the Midwest and  4.9 percent in the South.  

Sales Price

The median sales price of new houses sold in May 2019 was $308,000. The average sales price was $377,200.

For Sale Inventory and Months’ Supply

The seasonally‐adjusted estimate of new houses for sale at the end of May was 333,000. This represents a supply of 6.4 months at the current sales rate.