New Residential Construction Not Matching Builder Confidence Levels
New home sales were revised higher by 6,000 for April, but came in at a seasonally adjusted annual rate of 626,000 for May, missing the forecast.
|Indicator||Prior||Revised||Consensus Forecast||Forecast Range||Result|
|New Home Sales – SAAR||673 K||679 K||680 K||649 K — 710 K||626 K|
This is 7.8% (±14.7%) below the revised rate of 679,000 for April and is 3.7% (±15.0%) below the May 2018 estimate of 650,000.
The median sales price of new houses sold in May 2019 was $308,000. The average sales price was $377,200. 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