Sales of newly built, single-family homes dropped 6 percent in May from a downwardly revised April reading to a seasonally adjusted annual rate of 551,000 units, according to data released June 23, 2016, by the U.S. Department of Housing and Urban Development and the U.S. Census Bureau.
The inventory of new homes for sale was 244,000 in May, which is a 5.3-month supply at the current sales pace. The median sales price of new houses sold was $290,400. Regionally, new home sales rose by 12.9 percent in the Midwest. Sales fell by 0.9 percent in the South, 15.6 percent in the West and 33.3 percent in the Northeast.
