Two new housing data reports find an increasing volume of new home sales and a drop in the number of people seeking out these properties.
What Happened
Sales of new single‐family houses in May 2022 were at a seasonally adjusted annual rate of 696,000, according to estimates released by the U.S. Census Bureau and the Department of Housing and Urban Development. This represents a 10.7 percent uptick from the revised April rate of 629,000, although it is also 5.9 percent below the May 2021 estimate of 740,000.
The median sales price of new houses sold in May was $449,000, while the average sales price was $511,400. The seasonally‐adjusted estimate of new houses for sale at the end of May was 444,000, which represents a 7.7-month supply at the current sales rate….