US New Home Sales Beat Forecasts

Sales of new single-family houses in the United States jumped 6.7 percent from the previous month to a seasonally adjusted annual rate of 689 thousand in May of 2018, following an upwardly revised 3.7 percent fall in April. It is the highest rate since November, beating market expectations of a 0.7 percent increase. Sales in the South hit their highest level in nearly 11 years.

Sales surged 17.9 percent to 409 thousand in the South, the highest since July of 2007. In contrast, sales in the Midwest were flat at 87 thousand and declines were recorded in West (-8.7 percent to 157 thousand) and the Northeast (-10 percent to 36 thousand). 

The median sales price of new houses sold was USD 313,000, below USD 323,600 in the same month of the previous year. The average sales price also fell to USD 368,500 in May from USD 378,400 a year ago. 

The stock of new houses for sale went up 1 percent to 299 thousand. This represents a supply of 5.2 months at the current sales rate.

Year-on-year, new home sales surged 14.1 percent.

US New Home Sales Beat Forecasts

US Census Bureau | Joana Taborda |
6/25/2018 2:19:30 PM