Despite Pandemic, New Home Sales Jumped in May

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New home sales in May were at a seasonally adjusted annual rate of 676,000, representing an increase of 16.6% compared with a revised rate of 580,000 in April and an increase of 12.7% compared with 600,000 in May 2019, according to estimates from the U.S. Census Bureau and the U.S. Department of Housing and Urban Development.

The median sales price of a new home sold in May was $317,900. The average sales price was $368,800.

As of the end of the month, there were about 318,000 new homes available for sale – about a 5.6-month supply at the current sales rate.

Meanwhile, home prices continue to rise, according to the FHFA’s home price index.

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