It was another disappointing month for new home sales, but due entirely to a sharp decline in those sales in the West. The U.S. Census Bureau and the Department of Housing and Urban Development said sales of newly constructed homes in May were at a seasonally adjusted annual rate of 626,000 units.  This is 7.8 percent below the revised (from 673,000) April rate of 679,000 and 3.7 percent lower than the rate in May 2018 of 650,000.  Expectations were for a rebound from April sales after a 6.9 percent downturn from March.  Analysts polled by Econoday were looking for results in a range from 649,000 to 710,000 with a consensus of 680,000. On a non-adjusted basis there were 60,000 newly constructed homes sold in May compared to 67,000 in April.  On a year-to-date basis, sales are up 4.0 percent at a total of 302,000.  At the same point in 2018 sales had totaled 291,000.

 

...(read more)

Forward this article via email:  Send a copy of this story to someone you know that may want to read it.