In May, new home sales continued what the National Association of Home Builders is calling a “rebound” from the economic turmoil spurred by the COVID-19 pandemic.
Sales of newly built single family homes jumped 16.6% to an adjusted rate of 676,000 during the month, surpassing the May 2019 new home sales rate by 12.7%, according to the U.S. Census Bureau.
"With home building considered an essential business, this solid sales report is another indicator that housing is leading the economic recovery,” NAHB Chairman Chuck Fowke said in a statement.
Regionally, sales grew 45.5% in the Northeast; 29.0% in the West; and 15.2% in the South. Sales in the Midwest declined 6.4%.
The median sales price during the month was $317,900, with an average sales price of $368,800. New home inventory at the end of May was 318,000, representing a supply of 5.6 months at the current sales pace.
The full Census Bureau report can be found here.
