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Wednesday, December 11, 2019
HomeNewsEconomyNew Home Sales in the U.S. Boom in May, Easily Beating Forecast

New Home Sales in the U.S. Boom in May, Easily Beating Forecast

A real estate sign advertising a new home for sale is pictured in Vienna, Virginia, outside of Washington, October 20, 2014. (Photo: Reuters)
A real estate sign advertising a new home for sale is pictured in Vienna, Virginia, outside of Washington, October 20, 2014. (Photo: Reuters)

A real estate sign advertising a new home for sale is pictured in Vienna, Virginia, outside of Washington, October 20, 2014. (Photo: Reuters)

The U.S. Census Bureau and Department of Housing and Urban Development (HUD) released new residential sales statistics showing new home sales boomed in May. Worth noting, new home sales have broken multi-decade records under the Trump Administration, driven by elevated levels of builder confidence and construction activity.

New Home Sales

Sales of new single-family houses in May 2018 were at a seasonally adjusted annual rate of 689,000, which is 6.7% higher than the revised April rate of 646,000. It is 14.1% above the May 2017 estimate of 604,000.

Sales Price

The median sales price of new houses sold in May 2018 was $313,000. The average sales price was $368,500.

For Sale Inventory and Months’ Supply

The seasonally-adjusted estimate of new houses for sale at the end of May was 299,000. This represents a supply of 5.2 months at the current sales rate.e

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Staff Writing Group

PPD Business, the economy-reporting arm of People's Pundit Daily, is "making sense of current events." We are a no-holds barred, news reporting pundit of, by, and for the people.

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