June 26, 2012 (Chris Moore)
Monthly sales of new single-family homes jumped in May led by a surge in sales in the Northeast, while year-to-date, new home sales are over eighteen percent ahead of last years pace according to the latest housing data released by the Census Bureau.
Sales of new single-family homes jumped 7.6 percent in May to a seasonally adjusted rate of 369,000, up from a sales rate of 343,000 in April. On an unadjusted basis, new home sales increased by 6.0 percent from the previous month.
The rate of sales in May was 19.8 percent higher than the estimated sales rate of 308,000 units in May of 2011. Sales were 25.0 percent higher than in May of last year on an unadjusted basis. Through the end of May, new home sales are 18.2 percent higher than at the same time last year.
The median sales price of the new homes sold in May was $234,500, which was down from a revised $236,000 in April. The average sales price for a new home in May was $273,900, down from a revised $283,900 in April.
Seventy percent of the new single-family homes sold in May were under $300,000, up from 69 percent in April.
In May of last year, the median sales price of a new home was 5.6 percent lower at $222,000, while the average sales price was 4.3 percent lower at $262,700.
Two of the four national regions posted increases in seasonally adjusted monthly sales led by a 36.7 percent increase in the Northeast, followed by a 12.7 percent gain in the South.
The Midwest saw prices decline by 10.6 percent while in the West, new home sales fell by 3.5 percent.
Compared to a year ago, all four of the regions showed improvement with the Northeast posting the largest increase of 127.8 percent followed by the South at 16.6 percent while the West and the Midwest reported increases of 10.8 percent and 2.4 percent, respectively.
Inventory of new single-family homes remained on par with the previous four months with a seasonally adjusted 145,000 homes available for sale, which translates into a 4.7 months supply of inventory.
Tags: Census Bureau, new home sales, single-family homes, median sales price, average sales price