This morning's release of the May New Home Sales from the Census Bureau came in at 769K, down 5.9% month-over-month from a revised 817K in April. The forecast was for 870K. The median home price is now at $374.4K.

Here is the opening from the report:

New Home Sales

Sales of new single‐family houses in May 2021 were at a seasonally adjusted annual rate of 769,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 5.9 percent (±18.6 percent)* below the revised April rate of 817,000, but is 9.2 percent (±28.7 percent)* above the May 2020 estimate of 704,000

Sales Price

The median sales price of new houses sold in May 2021 was $374,400. The average sales price was $430,600. [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.

New Home Sales

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.