Sales of new single-family homes increased to a seasonally adjusted annual rate of 369,000 in May from a rate of 343,000 in April according to figures released this morning by the U.S. Census Bureau and the U.S. Department of Housing and Urban Development. The month-over-month increase from the slightly revised April number was 7.6 percent and May's figure was 19.8 percent higher than the new home sales estimate of 308,000 in May 2011.
The median price of a newly constructed single family home was $234,500 and the average was $273,900. In May 2011 the median and average prices were $222,000 and $262,700 respectively.
Sales in the Northeast region were at a seasonally adjusted rate of 41,000, a 36.7 percent increase from April and up 127.8 percent from a year earlier. In the Midwest sales were down 10.6 percent to 42,000 an increase of 2.4 percent compared to May 2011. Sales in the South increased 12.7 percent to a 204,000 unit rate, a 16.6 percent year-over-year change and in the West there were 82,000 sales, down 3.5 percent month-over-month but up 10.8 percent on an annual basis.
Sales on a non-seasonally adjusted basis totaled 35,000 nationally in May compared to 33,000 in April. More than half (19,000) of the sales were in the Southern region.
At the end of May there were an estimated 145,000 new homes for sale which represents a supply of 4.7 months at the current sales rate. One year earlier there were 169,000 homes available, representing a 6.6 month supply. The average house for sale has been on the market for 7.9 months since construction was completed.
