New Residential Sales Go Down in May

The median sales price of new houses sold in May 2009 was $221,600; the average sales price was $274,300. The seasonally adjusted estimate of new houses for sale at the end of May was 292,000. This represents a supply of 10.2 months at the current sales rate. – Courtesy of Richmond Metropolitan Habitat for Humanity

As building permits increase it could take up to a year to see the residual effect of sales of new single family houses. Those types of sales in May were at a seasonally adjusted annual rate of 342,000, according to estimates.

This is 0.6 percent (±17.8%)* below the revised April rate of 344,000 and is 32.8 percent (±10.9%) below the May 2008 estimate of 509,000. – Courtesy of US Census Bureau