New-home sales remained essentially flat in May at a seasonally adjusted annual rate of 342,000, which is just 0.6 percent below a revised April rate of 344,000, the U.S. Commerce Department reported this morning. But that’s still 32.8 percent below the May 2008 estimate of 509,000.
The median sale price of new homes sold in May was $221,600, a 3.4 percent decline from the estimate of $229,300 reported in the same month last year. An estimated 292,000 new homes were for sale at the end of May, which represents a 10.2-month supply at the current sales rate.
Regionally, the Northeast and Midwest posted strong month-over-month sales gains in May of 28.6 percent and 18.6 percent, respectively. May sales rose 1.3 percent in the West and fell 8.5 percent in the South. But all four regions posted significant year-over-year sales declines: 12.9 percent in the Northeast; 31.0 percent in the West; 32.0 percent in the Midwest; and 35.9 percent in the South