New U.S. home sales jump 7.6 percent

TRD New York /
Jun.June 25, 2012 02:00 PM

In May sales of new single-family homes jumped 7.6 percent, month-over-month, to a seasonally adjusted annual rate of 369,000, U.S. Census Bureau and the Department of Housing and Urban Development numbers reveal. The data, released today, also show a 19.8 percent increase, year-over-year.

“May’s sales report is a welcome sign that the market has returned to a more solid growth path following lackluster reports in March and April, and is keeping in touch with our expectations for continued, steady improvement through the end of this year,” David Crowe, chief economist at the National Association of Home Builders, said in a separate statement. About 154,000 homes have sold to date this year, compared to 130,000 at the same time a year ago. The uptick in sales yielded a constrained supply. Just 4.7 months worth of new home sales supply remained on the market, a 6 percent drop from April. That pushed the median price up 5.6 percent over the last year to $234,500. However, the median amount paid for a new home fell by $1,500 since April.

Broken down by region, the Northeast saw the greatest month-over-month gain: 36.7 percent. The South came in second with a 12.7 percent month-over-month climb. But the Midwest and the West posted respective declines of 10.6 percent and 3.5 percent, though their year-over-year figures posted gains of 2.4 percent and 10.8 percent, respectively.

“The relatively strong increase in new-home sales this May is an indication that more potential home buyers are being drawn to the market by today’s excellent mortgage rates as well as firming conditions in some local economies,” said Barry Rutenberg, NAHB’s chairman, in a statement. — Zachary Kussin


Related Articles

arrow_forward_ios
HUD's Lynne Patton and of Frederick Douglass Houses resident Claudia Perez (Getty; RNC)

NYCHA tenants say they were duped into RNC video appearance

NYCHA tenants say they were duped into RNC video appearance
Certain Brooklyn neighborhoods saw the biggest drops in home sales last quarter, but prices edged up  (Photos via Getty/iStock/Wikipedia)

These Brooklyn neighborhoods saw the biggest drops in home sales

These Brooklyn neighborhoods saw the biggest drops in home sales
Sean Dobson of Amherst Holdings CEO and Charles Koch of Koch Real Estate Investments (Credit: Twitter; Koch by Patrick T. Fallon for The Washington Post via Getty Images)

Koch makes $200M bet on Amherst Holdings’ single-family rentals

Koch makes $200M bet on Amherst Holdings’ single-family rentals
HUD Secretary Ben Carson (Credit: Carson via Paul Bersebach/MediaNews Group/Orange County Register via Getty Images)

HUD shortchanged New York on relief funds: advocates

HUD shortchanged New York on relief funds: advocates
President Donald Trump and HUD secretary Ben Carson (Photo by MANDEL NGAN/AFP via Getty Images)

Trump suspends HUD evictions, foreclosures amid coronavirus pandemic

Trump suspends HUD evictions, foreclosures amid coronavirus pandemic
Cyril Berdugo and Tom Petit (Credit: Landis)

Proptech startup Landis inks deal to turn renters into buyers

Proptech startup Landis inks deal to turn renters into buyers
CEO of Amherst Holdings LLC Sean Dobson

Amherst Holdings to buy single-family landlord for $2.3B

Amherst Holdings to buy single-family landlord for $2.3B
House Canary CEO & co-founder Jeremy Sicklick (Credit: iStock)

Home-valuation startup closes $65M funding round

Home-valuation startup closes $65M funding round
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...