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New Home Sales Hit 12 Month Low Despite Higher Inventory

Posted To: MND NewsWire

New home sales dropped for the second month in May, falling below an 800,000 unit pace for the first time in a year. The U.S. Census Bureau and the Department of Housing and Urban Development said newly constructed homes sold at a seasonally adjusted annual rate of 769,000 units. This was a decline of 5.9 percent from the downwardly revised (from 863,000) rate of 817,000 in April. May sales only outpaced those a year earlier by 9.2 percent, well below the double digit annual increases of the last few months. The results fell more than 100,000 units short of the consensus forecast of analysts polled by Econoday. They had expected sales in the range of 840,000 to 920,000 with a consensus of 881,000 units. On a non-adjusted basis, sales fell from 75,000 homes to 69,000 month-over-month. For the…(read more)

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