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Market Update: US New Home Sales at 11-Month Low
Sales of new single family houses in the US sank 5.9 percent month-over-month to an annualized rate of 769 thousand in May of 2021, well below forecasts of 870 thousand. It is the lowest reading in a year as high prices due to rising material costs weigh on buyers’ affordability. Sales sank 14.5% in the South and were flat in the Midwest. In contrast, increases were seen in the Northeast (33.3%) and the West (6.7%). The median sales price increased to $374,400 from $317,100 a year earlier. There were 330 thousand new home sales available on the market, higher than 315 thousand in April. source: U.S. Census Bureau [/s2If]
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