Posted June 23, 2020

New home sales surge 16.6 percent in May

2020 rate is 12.7 percent above May 2019.

Even counting the impact that COVID-19 on sales in April this year, new home sales for May 2020 handily beat the rate of sales in May 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 2020:

New Home Sales

Sales of new single-family houses in May 2020 were at a seasonally adjusted annual rate of 676,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 16.6 percent (±15.5 percent) above the revised April rate of 580,000 and is 12.7 percent (±23.5 percent)* above the May 2019 estimate of 600,000.

Sales Price

The median sales price of new houses sold in May 2020 was $317,900. The average sales price was $368,800.

For Sale Inventory and Months’ Supply

The seasonally-adjusted estimate of new houses for sale at the end of May was 318,000. This represents a supply of 5.6 months at the current sales rate.