Sales of new single-family homes in the US were lower than expected in May, government data showed Tuesday.
Some 626,000 new homes were sold last month on a seasonally adjusted annual basis, according to data released by the Census Bureau and the Department of Housing and Urban Development. That missed analysts expectations for 680,000, according to Econoday.
The sales were 7.8% below April’s upwardly revised rate of 679,000 and 3.7% above the May 2018 estimate.
The median sales price of new houses sold in May was $308,000, and the average sales price was $377,200. The seasonally adjusted estimate of new houses for sale at the end of May was 333,000, representing a supply of 6.4 months at the current sales rate.
The results followed last week’s report from the National Association of Realtors that existing-home sales rose in May for the first time in two months as all four regions posted gains.
The trade group said the sales of single-family homes, townhouses, condos and co-ops rose 2.5% last month to a seasonally adjusted annual rate of 5.34 million, above Econoday’s forecast for 5.28 million units.
May’s print was nearly at the midpoint of expectation that ran from 5.2 million to 5.47 million. Year-on-year, sales were down 1.1%.
The NAR said data from Freddie Mac showed the average commitment rate for a 30-year, conventional, fixed-rate mortgage decreased to 4.07% in May from 4.14% the month before.
Receive News & Ratings Via Email - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings with MarketBeat.com's FREE daily email newsletter.