New Single-Family Home Sales At Lowest Pace In 7 Months
WRE News June 29, 2024
Buyer
WRE News June 29, 2024
Buyer
Sales of new single‐family houses during May were at a seasonally adjusted annual rate of 619,000, according to estimates released by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 11.3% below the revised April rate of 698,000 and is also 16.5% below the May 2023 estimate of 741,000 – last month’s sales pace was also the lowest since November 2023.
The median sales price of new houses sold in May 2024 was $417,400 and the average sales price was $520,000. The seasonally adjusted estimate of new houses for sale at the end of May was 481,000, which represents a supply of 9.3 months at the current sales rate.
Carl Harris, chairman of the National Association of Home Builders, blamed the sales decline on elevated mortgage rates.
“Persistently high mortgage rates in May kept many prospective buyers on the sidelines,” said Harris, a custom home builder from Wichita, Kansas. “However, significant unmet demand exists, and we expect mortgage rates to moderate in the coming months, which will bring more buyers into the market.”
Stay up to date on the latest real estate trends.
Buyer
November 7, 2025
There’s been a lot of talk lately about how a government shutdown impacts the housing market.
Buyer
November 6, 2025
If you’re looking for a great place to live, you might want to check out Utah.
Seller
November 6, 2025
If you’ve seen headlines about home prices dropping, it’s easy to wonder what that means for the value of your home too.
Buyer
November 5, 2025
Seller
November 4, 2025
If there was one simple step that could help make your home sale a seamless process, wouldn't you want to know about it?
Buyer
November 3, 2025
If you stepped back from your home search over the past few years, you’re not alone – and you’re definitely not out of options.
We Guide Homeowners through the complicated process of selling their home using our 4 Phase Selling Process and 3 Prong Marketing Strategy that alleviates their stress and moves them effortlessly to their next destination. Schedule a 15 Minute Complimentary Strategy Session Today