May New Home Sales Beat Expectations
This morning's release of the May New Home Sales from the Census Bureau came in at 610K, up 2.9% month-over-month from a revised 593K in April. Seasonally adjusted estimates back to February were also revised. The Investing.com forecast was for 597K.
Here is the opening from the report:
Sales of new single-family houses in May 2017 were at a seasonally adjusted annual rate of 610,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 2.9 percent (±13.0 percent)* above the revised April rate of 593,000 and is 8.9 percent (±21.9 percent)* above the May 2016 estimate of 560,000.
The median sales price of new houses sold in May 2017 was $345,800. The average sales price was $406,400. [Full Report]
For a longer-term perspective, here is a snapshot of the data series, which is produced in conjunction with the Department of Housing and Urban Development. The data since January 1963 is available in the St. Louis Fed's FRED repository here. We've included a six-month moving average to highlight the trend in this highly volatile series.
Over this time frame, we see the steady rise in new home sales following the 1990 recession and the acceleration in sales during the real estate bubble that peaked in 2005.