Posted June 28, 2022

Average Price of a New home Hits $511,400 in June

Sales jump 10.7 percent for month in anticipation of interest rate hikes. 

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 2022:

New Home Sales

Sales of new singlefamily houses in May 2022 were at a seasonally adjusted annual rate of 696,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 10.7 percent (±18.9 percent)* above the revised April rate of 629,000, but is 5.9 percent (±22.0 percent)* below the May 2021 estimate of 740,000.

Sales Price

The median sales price of new houses sold in May 2022 was $449,000. The average sales price was $511,400.

For Sale Inventory and Months’ Supply

The seasonallyadjusted estimate of new houses for sale at the end of May was 444,000. This represents a supply of 7.7 months at the current sales rate.