New Home Sales Up Sharply; Prices Slump

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Posted To: MND NewsWire

The sales of new homes surged in May, outpacing the consensus of expectations, and while one months’ data is just that, both median and average home prices were down sharply. The U.S. Census Bureau and the Department of Housing and Urban Development estimated that newly constructed homes sold at a seasonally adjusted annual pace of 689,000 units. This is 6.7 percent higher than the estimate for April, which was downgraded from an original estimate of 662,000 to 646,000. May sales are 14.1 percent higher than those a year earlier; they were at a rate of 604,000. The consensus of analysts’ forecasts for the results was 665,000. The range of those polled by Econoday 655,000 to 700,000. On a non-adjusted basis there were 65,000 homes sold during the month. The April total was 62,000 and in May…(read more)

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