The Census Bureau also reported that the median sales price for new homes sold in May was $263,900, about 2.8% below the April median, and the average sales price was $307,800, down about 6.9% from April. The median sales price for a new house in April was $271,600 and the average sales price was $330,800.
At the end of May the number of new homes for sale totaled 161,000, a supply of 4.1 months, essentially flat with inventory at the end of April.
The sharp price drops in May follow an almost equally sharp rise in prices from March to April. The tight inventory suggests that prices could resume their rise until the supply of new houses increases.
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