Wood News

The rate of new-home sales in the U.S. leaps over the half-million mark for the first time since May 2008

PORTLAND, OR , June 24, 2014 (RISI) - 

Sales of new single-family houses in May were at a seasonally adjusted annual rate of 504,000, up 18.6% from the revised April rate of 425,000 and 16.9% above the May 2013 estimate of 431,000, according to the U.S. Census Bureau and the Department of Housing and Urban Development.

The median sales price of new houses sold in May 2014 was $282,000, up from $269,700 in April. The average sales price was $319,200, down from $320,900 the month prior. The seasonally adjusted estimate of new houses for sale at the end of May was 189,000, which represents a supply of 4.5 months at the current sales rate. At the end of April, inventory of new homes was also 189,000, but a slower sales pace put the supply at 5.3 months.

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