Steel Markets
June 23, 2017
New Home Sales Rebound in May
Written by Sandy Williams
New home sales in May rebounded after an April decline to a seasonally adjusted annual rate of 610,000, an increase of 2.9 percent. Median sales price increased to $345,800 and the average sales price was $406,400. Median sales price reached a record high, up 16.6 percent from a year ago.
Inventory at the end of May stood at 268,000, a supply of 5.3 months at the current sales rate. Inventory rose 1.5 percent in May, but remains low due to a shortage of available lots.
