Sales of new single-family homes fell 7.3% in May to a seasonally adjusted annual rate of 580,000, down 6.8% from May 2025, according to data from the U.S. Census Bureau and the U.S. Department of Housing and Urban Development.
The median sales price for a new home was $424,900, up 2.0% from April and essentially flat from May 2025.
“Many potential buyers remain on the sidelines as elevated mortgage rates, higher construction costs and limited purchasing power continue to reduce the pool of qualified buyers,” Bill Owens, chairman of the National Association of Home Builders, said.
Regionally, the West saw the sharpest decline in new home sales—down 26.9% from April and 17.0% year-over-year. Monthly sales were down 4.1% in the South, while they climbed 3.0% in the Northeast and 16.2% in the Midwest.
Read the full report here.
