New Home Sales Surge in May

New single-family home sales rose to a seasonally adjusted annual rate of 676,000 in May, according to the U.S. Census Bureau and the Department of Housing and Urban Development. The May level is 16.6% above the revised April rate of 580,000, and is 12.7% above the May 2019 estimate.

The median price of a new home was $317,900. The average price was $368,800.

At the end of May, the seasonally adjusted estimated supply at the current sales rate was at 5.6 months.

Read the Census/HUD release.