Pace of New Home Sales in the U.S. Takes Another Hit

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Inventory of Homes on the Market in San Francisco Jumps
Inventory of Homes on the Market in San Francisco Jumps


Having dropped a downwardly revised 3.7 percent in April, the pace of new single-family home sales in the U.S. shed another 7.8 percent in May to a seasonally adjusted rate of 626,000 sales, which is 3.7 percent below the pace of sales at the same time last year.

At the same time, the median sale price of those homes which sold last month dropped 8.1 percent to $308,000, which is 2.7 percent lower than at the same time last year, while the inventory of new single-family homes for sale across the county inched up 0.3 percent in May to 333,000, which is 10.3 percent higher than at the same time last year and represents 6.4 months of supply versus 5.9 months the month before.

And out West, the seasonally adjusted pace of new single-family home sales totaled 125,000 in May, down 35.9 percent from April and 17.2 percent lower on a year-over-year basis with 3.8 percent more new homes now on the market (82,000) than at the same time last year (79,000).





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