New-Home Sales Declined 11.3% in May

Washington, DC, June 26, 2024-Sales of new single‐family houses in May 2024 were at a seasonally adjusted annual rate of 619,000, according to estimates released jointly by the U.S. Census Bureau and the Department of Housing and Urban Development, 11.3% below the revised April rate of 698,000 and 16.5% below the May 2023 estimate of 741,000.

The median sales price of new houses sold in May 2024 was $417,400. The average sales price was $520,000.

The seasonally‐adjusted estimate of new houses for sale at the end of May was 481,000. This represents a supply of 9.3 months at the current sales rate.