New home sales in US drops by 11.3 percent last month, lowest since November
Date
6/27/2024 5:25:06 AM
(MENAFN) The latest report from the Census Bureau and the Department of Housing and Urban Development revealed a sharp decline in new home sales in the United States during May. Sales of new single-family homes dropped by 11.3 percent from the previous month, registering a seasonally adjusted annual rate of 619,000 units. This figure marks the lowest level since November of the previous year, highlighting a notable slowdown in the housing market activity.
Initial estimates had anticipated sales to reach 636,000 units, indicating that May's performance fell below expectations. However, April's data was revised upward, showing an increase from 634,000 to 698,000 units, signaling a modest gain in home sales earlier in the spring.
Comparing year-over-year figures, May 2024 new home sales were 16.5 percent lower than in May 2023, when sales reached 741,000 units. This decline underscores the challenges and adjustments in the housing market amid changing economic conditions and consumer sentiment.
In terms of pricing, the median sale price for new homes sold in May was reported at USD417,400, with an average sales price of USD520,000. These price points provide insights into the affordability landscape within the new home market, reflecting both market dynamics and buyer preferences.
The broader implications of these trends suggest ongoing shifts in housing demand and affordability considerations, influenced by factors such as mortgage rates, supply chain disruptions, and overall economic outlook. As the market navigates these dynamics, stakeholders continue to monitor developments closely to gauge the future trajectory of the housing sector in the US.
MENAFN27062024000045015839ID1108379649
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.