New US residential home sales fall 11% in May

Posted on July 1, 2024   |  

In May, new single-family home sales in the US were at a seasonally adjusted annual rate (SAAR) of 619,000, down 11.3% from April's revised rate of 698,000 and 16.5% from May 2023's 741,000.

The median price for new homes sold in May was $417,400, and the average price was $520,000.

By the end of May, there were 481,000 new homes available for sale, seasonally adjusted.

This inventory represents a 9.3-month supply based on the current sales pace.

The market has seen a significant drop in both sales and prices compared to earlier months and the previous year.