New Home Sales Up 16.6% in May
This morning's release of the May New Home Sales from the Census Bureau came in at 676K, up 16.6% month-over-month from a revised 580K in April.
Here is the opening from the report:
Statement Regarding COVID‐19 Impact: Due to recent events surrounding COVID-19, many governments and businesses are operating on a limited capacity or have ceased operations completely. The Census Bureau has monitored response and data quality and determined estimates in this release meet publication standards. For more information on the compilation of this month's report, see <COVID-19 FAQs>.
New Home Sales
Sales of new single-family houses in May 2020 were at a seasonally adjusted annual rate of 676,000, according to
estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development.
This is 16.6 percent (±15.5 percent) above the revised April rate of 580,000 and is 12.7 percent (±23.5 percent)*
above the May 2019 estimate of 600,000.
The median sales price of new houses sold in May 2020 was $317,900. The average sales price was $368,800. [Full Report]
For a longer-term perspective, here is a snapshot of the data series, which is produced in conjunction with the Department of Housing and Urban Development. The data since January 1963 is available in the St. Louis Fed's FRED repository here. We've included a six-month moving average to highlight the trend in this highly volatile series.
Over this time frame, we see the steady rise in new home sales following the 1990 recession and the acceleration in sales during the real estate bubble that peaked in 2005.