News
Economic Data · Housing Market · New Home Sales · Real Estate
Sales of new single-family homes in the US plummeted 7.3% in May to an annualized rate of 580,000, significantly missing market expectations of 638,000, according to data from the US Census Bureau and Department of Housing and Urban Development.
The decline represents a 7.3% drop from April and is 6.8% lower than May 2025's rate of 622,000. The seasonally adjusted estimate of new homes for sale increased 2.3% from April to 496,000 units by the end of May, representing a 10.3-month supply at the current sales pace, up from 9.3 months in April and 9.7 months in May 2025.
The median sales price rose 2% to $424,900 from April's $416,500, remaining virtually flat year-over-year compared to $424,800. The average sales price, however, surged 7.8% month-over-month to $540,600, marking a 5% increase from May 2025.
