New Home Sales Increased in May

New single-family home sales rose to a seasonally adjusted annual rate of 610,000 in May, according to the U.S. Census Bureau and the Department of Housing and Urban Development. The May level was 2.9% above the revised April rate of 593,000 and 8.9% above the May 2016 level.

Sales grew in two regions, 6.2% in the South and 13.3% in the West. The Midwest and Northeast posted losses of 25.7% and 10.8%, respectively.

The median price of a new home was $345,800, up 11.5% from April. The average price was $406,400.

At the end of May, the estimated supply at the current sales rate remained unchanged at 5.3 months.

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