Market Updates
New Home Sales Level Drops to a 6-Month Low In May
Brian Turner
26 Jun, 2024
Washington, D.C.
Single-family new home sales in May declined 16.5% from a year ago to an annual pace of 619,000, the U.S. Census Bureau reported Wednesday.
The home sale rate declined to the lowest pace in six months after high home prices and mortgage rates negatively affected home affordability.
The median price of a house sold in May eased to $417,000 from $421,200, and the average home price rose to $520,000 from $495,800 a year ago, respectively.
Meanwhile, the number of homes available for sale at the end of May was 481,000, representing about 9.3 months of supply at the current sales rate.
The number of homes available for sale at the end of the month has been steadily rising, from 6.9 in May 2023 to 9.3 in May 2024.
On the economic front, investors are looking ahead to the release of consumer spending, income, and PCE price inflation indicator updates for May later in the week.
Investors are looking forward to the release of international trade balances, durable goods orders, and the third and final estimate for first quarter GDP growth.
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