New Home Sales Up 6.7% in May, Better than Expected
This morning's release of the May New Home Sales from the Census Bureau came in at 689K, up 6.7% month-over-month from a revised 646K in April. The Investing.com forecast was for 667K.
Here is the opening from the report:
Sales of new single-family houses in May 2018 were at a seasonally adjusted annual rate of 689,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 6.7 percent (±14.1 percent)* above the revised April rate of 646,000 and is 14.1 percent (±19.9 percent)* above the May 2017 estimate of 604,000.
The median sales price of new houses sold in May 2018 was $313,000. The average sales price was $368,500. [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.