Sales of new single-family homes fell 2.5% to a 512,000 seasonally adjusted annual rate in May, according to data released by the Commerce Department yesterday.
The May figure came after a downwardly revised 525,000 rate in April, a 2.5% drop originally reported as a 2.5% decrease to 526,000. IFR Markets’ poll of economists had predicted a 515,000 sales level for April.
Sales of new homes were 40.3% below the 857,000 rate in May 2007, Commerce said.
At the end of May, the number of new homes on the market decreased to 453,000 from 461,000.
The unadjusted average price of a new single-family home dipped to $311,300 from $321,200. Meanwhile, the unadjusted median price dropped to $231,000 from $243,500 in April.
May sales rose in two of the four regions of the country.
