The revision to the April rate added 17,000 to the month’s total, making the May jump even more impressive.
At the peak in 2005, new home sales posted a seasonally adjusted annual rate of nearly 1.4 million.
The Census Bureau also reported that the median sales price for new homes sold in May rose to $282,800 and the average sales price was $377,000. At the end of May, the number of new homes for sale represented a supply of 4.5 months at the current sales rate.
In May, 54% of the estimated 51,000 monthly sales were for homes priced at less than $300,000. That represents a one-point drop compared with April sales. The big difference came in homes sold for between $300,000 and $399,999, which rose from 21% of April sales to 24% of May sales. Sales of homes in the range of $400,000 to $499,999 slipped from 12% to 10%, and they slipped from 10% to 7% for homes sold in a range of $500,000 to $749,999. Sales of homes priced above $750,000 gained a point in May to 4% of all homes sold in the month.
Top Gaining Stocks
Top Losing Stocks