New home sales rise in May

New single-family home sales rose to a seasonally adjusted annual rate of 696,000 in May, according to the U.S. Census Bureau and the Department of Housing and Urban Development. The May level is 10.7% above the revised April rate of 629,000 but is 5.9% below the May 2021 estimate of 740,000.

The median sales price of new houses sold in May 2022 was $449,000. The average sales price was $511,400.

At the end of May, the seasonally adjusted estimated supply at the current sales rate was at 7.7 months.

Read the Census/HUD release.