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In The Us: New Home Sales Jump 18.6% In May; Biggest Increase Since January 1992

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http://www.mortgageorb.com/e107_plugins/content/content.php?content.15608

Sales of new single-family homes jumped 18.6% in May to reach a seasonally adjusted annual rate of 504,000, according to the U.S. Census Bureau and the U.S. Department of Housing and Urban Development.

The increase shatters the revised April rate of 425,000 units per annum and is 16.9% above the May 2013 estimate of 431,000.

The median sales price of a new home sold in May was $282,000; the average sales price was $319,200.

The seasonally adjusted estimate of new houses for sale at the end of May was 189,000 - a 4.5-month supply at the current sales rate.

The sudden increase - due mainly to pent-up consumer demand for new homes stemming from a lack of inventory - brings the sales rate for new homes to approximately the same level seen in May 2008 - about four months before the Great Recession kicked into high gear.

"These numbers are in line with our recent builder surveys, which indicate that more consumers are getting off the fence and coming back into the marketplace," says Kevin Kelly, chairman of the National Association of Home Builders (NAHB) in a statement.

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