New, Single-Family Home Sales Up 12.2% Year to Date

New York, NY, June 26, 2017-The market for new, single-family homes is strong, as evidenced by a May rise in sales as well as prices hitting a record level, according to a Wall Street Journal article called “Buyers Fuel Market for New Homes” by Sarah Chaney and Jeffrey Sparshott.

New home sales, which represent a small portion of the total market, rose 8.9% year over year to 610,000 in May and have risen 12.2% year to date.

“The median sale price for a new home sold in May was $345,800, the highest recorded for data dating back to 1963,” the article reports. “The average sale price also came in the highest on record at $406,400. Home prices for new homes have climbed steeply since dipping during the recession.”