Sales of new single-family houses in May 2015 were at a seasonally adjusted annual rate of 546,000, 2.2 percent above the revised April rate of 534,000, according to estimates released late last month by the U.S. Census Bureau and the Department of Housing and Urban Development. This is the highest new-home sales rate since February 2008.
The median sales price of new houses sold in May 2015 was $282,800; the average sales price was $337,000. The seasonally adjusted estimate of new houses for sale at the end of May was 206,000, representing a 4.5-month supply at the current sales pace.
"Our builders are seeing motivated buyers and the release of pent-up housing demand," said Tom Woods, chairman of the National Association of Home Builders (NAHB) and a home builder from Blue Springs, Mo. "However, builders are facing supply chain challenges, which is affecting the inventory of new homes."
"This month's new-home sales report is consistent with other government data and rising builder confidence that indicate a continual recovery of the housing market," said NAHB Chief Economist David Crowe. "The uptick in existing-home sales bodes well for builders, as it shows that the sellers are able to buy a new home."
Regionally, home sales were mixed, rising 87.5 percent in the Northeast and 13.1 percent in the West. The Midwest registered a 5.7 percent decline and the West fell 4.3 percent.