New Home Sales Down For May
New home sales for May 2011 were down 2.1% from April to a seasonally adjusted annual rate of 319,000, according to the U.S. Census Bureau and the Department of Housing and Urban Development. Although, sales were up 13.5% from last May. The Northeast had the largest drop in sales with a 26.7% decrease from April. The West and South showed losses of 3.5% and 2.4% respectively while the Midwest showed no change from April. Compared to last year though, every region except for the Northeast showed increases. For new homes sold in May, the median sales price was $222,600 with the average sales price at $266,400. Currently, there is a 6.2 month’s supply at the current sales rate while the seasonally adjusted estimate of new houses for sale at the end of May was 166,000.