New Home Sales Down In May

NEW RESIDENTIAL SALES IN MAY 2008

Sales of new one-family houses in May 2008 were at a seasonally adjusted annual rate of 512,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 2.5 percent (±13.7%)* below the revised April rate of 525,000 and is 40.3 percent (±6.9%) below the May 2007 estimate of
857,000.

The median sales price of new houses sold in May 2008 was $231,000; the average sales price was $311,300. The seasonally adjusted estimate of new houses for sale at the end of May was 453,000. This represents a supply of 10.9 months at the current sales rate.

The number of months supply in May 2007 was 7.8 months and peaked (so far) in March 2008 at 11.4 months supply. (Tim)