New Home Sales in May adjusted annual rate of 512,000
June 25 2008
NEW RESIDENTIAL ONE-FAMILY HOUSE SALES IN MAY 2008
Sales of new one-family houses in May 2008 were at a seasonally adjusted annual rate of 512,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development.
This is 2.5 percent (±13.7%)* below the revised April rate of 525,000 and is 40.3 percent (±6.9%) below the May 2007 estimate of 857,000.
The median sales price of new houses sold in May 2008 was $231,000; the average sales price was $311,300. The seasonally adjusted estimate of new houses for sale at the end of May was 453,000. This represents a supply of 10.9 months at the current sales rate.