“New home sales are up relative to the first few months of 2016 as well as last year,” said NAHB Chief Economist Robert Dietz. “The sales market continues to make overall gains despite month-to-month volatility.”
MHProNews understands from mpamag the inventory of new homes for sale in May was 244,000, a 5.3 month supply at the current sales pace. The median sales price of new homes sold was $290,400, while the average sale price of a new home was $358,900, reports dsnews.
Robert Denk, assistant vice president for forecasting and analysis at NAHB, said, “April’s initial 691,000 pace was revised down to 586,000 in May, but the upward trajectory beginning in 2012 is clear and continuing. New home sales, as well as single family housing starts, are still well below pre-housing boom norms but up from the depths of the 2011 trough.” ##
(Photo credit: getty images/Paul Richards)
