New Home Sales Rose 6.7 percent in May

New single-family home sales increased to a seasonally adjusted annual rate of 689,000 in May, according to the U.S. Census Bureau and the Department of Housing and Urban Development. The May level was 6.7 percent above the upwardly revised April rate of 646,000 and 14.1 percent above the May 2017 estimate.

Sales increased 17.9 percent in the South, while the Midwest was unchanged. Both the Northeast and West posed declines, falling 10.0 and 8.7 percent, respectively.

The median price of a new home was $313,000, down 1.7 percent from April. The average price was $368,500.

At the end of May, the seasonally adjusted estimated supply at the current sales rate decreased from 5.5 months to 5.2.

Read the Census/HUD release.