New-Home Sales Reverse Course in May

New-home sales reversed course in May, with sales of new, single-family homes up 2.9 percent to 610,000, according to the U.S. Census Bureau and the Department of Housing and Urban Development (HUD). The average new-home sales price was $406,400, while the median was $345,800. New-home listing inventory was 268,000—5.3 months supply.

“We are seeing solid growth in new-home sales this year,” said Granger MacDonald, chairman of the National Association of Home Builders (NAHB), in a statement on the data. “Sales are up more than 12 percent from this time last year, and we expect continued gains throughout 2017.”

“This month’s report is in line with our forecast, and consistent with solid builder confidence readings,” said Robert Dietz, chief economist at the NAHB. “With more consumers entering the market, further job growth and tight existing-home inventory, the new-home sector should continue to expand.”

Source: U.S. Census Bureau

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