New Home Sales Continue To Fall

Washington, DC, June 25, 2008--Sales of new single-family houses in May 2008 were at a seasonally adjusted annual rate of 512,000, 40.3 percent below last year.

The U.S. Census Bureau and the Department of Housing and Urban Development said sales were 2.5
percent below the revised April rate of 525,000.

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, a supply of 10.9
months at the current sales rate.