PhotoAfter April’s sharp decline, the Commerce Department reports sales of new single-family houses rose 2.9% in May to a seasonally adjusted annual rate of 610,000 -- 8.9% above the same time a year ago. 

In addition, the government revised its April estimate higher to show homes sold at a rate of 593,000 instead of the 569,000 initially reported. 

Pricing and inventory

The median sales price of new houses sold in May 2017 -- the point at which half the houses sold for more and half for less -- was $345,800, up $49,800 from a year earlier. 

The average sales price of $406,400 topped May of 2016 by $56,400. 

The seasonally-adjusted estimate of new houses for sale at the end of May was 268,000, translating to a supply of 5.3 months at the current sales rate.  

The complete report may be found on the Commerce Department website.

 

 

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