The Home Buyer's Korner

Information presented should be used for educational purposes only.

June 24th, 2015

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New Home Sales for May 2015

New Home Sales

New Home Sales of single-family homes rose 2.2 percent in May compared to April and were 19.5 percent higher than the pace in May 2014, according to The Department of Commerce.

May sales of new single-family homes reached an annual, seasonally-adjusted rate of 546,000 and beat the expectations of many housing economists.

Financial economists viewed the report as a measure of economic momentum and an indicator of future consumer purchases of furniture and appliances, but new home sales is a small sample size of total home sales and the margin of error is about 15 percent.

Sales of new homes represent only about 10 percent of the housing market and data in The Department of Commerce report is revised about three times, making it a less-reliable measure. A better report comes from the National Association of Realtors titled Existing-Home or Previously Owned Homes, which tracks the bulk of the market of previously owned homes and much less volatility.

The median price of a new home sold in May was $282,800; the average sales price was $337,000. At the end of May inventory stood at 206,000 units or a 4.5-month supply at the current sales pace and an extremely low inventory, as we need about a 6.0-month supply to have a balanced market. Lack of inventory continues to be a problem in the housing market for both new homes and previously-owned ones.

In a separate report the week from the National Association of Realtors showed that sales of existing homes in May hit their fastest pace in nearly six years. With all the favorable data you’d think home builders would be breaking ground, but groundbreakings on new homes fell by 11.1% in May compared to April. Still, builder confidence in the market for new, single-family homes in June rose five point to a level of 59 last month. A reading above 50 indicates that more builders feel conditions are good rather than poor.

The report just released includes a revision of prior months’ numbers, which shows the sales pace has been generally picking up since last July, with dips in November 2014 and March 2015.

Annualized Seasonally Adjusted New Home sales:

May 2015: 546,000

April 2015: 534,000 (revised)

March 2015: 494,000  (revised)

February 2015: 545,000 (revised)

January 2015: 521,000

December 2014: 495,000

November 2014: 449,000

October 2014: 472,000

September 2014: 459,000

August 2014: 454,000

July 2014: 403,000

June 2014: 408,000

May 2014: 457,000

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