WASHINGTON (MNI) - The pace of new single-family home sales swung lower in May to a 551,000 seasonally adjusted annual rate, slightly below the 560,000 rate expected, data released by the Commerce Department Thursday showed.
New home sales in April was revised down to 586,000 from the previously reported 619,000 rate.
The May decline was led by a 33.3% fall in the Northeast region to 34,000. Sales in the large South were down 0.9% to 323,000 and down 15.6% in the West. Sales rose 12.9% in the Midwest.
On an unadjusted basis, May sales were down 10.1% from April and were up 8.6% from a year ago.
The supply of new homes for sale rose by 1.2% to 244,000 in May, their highest level since September 2009, when supply was 252,000. This rise, combined with the fall in sales, raised the months supply to 5.3 months from 4.9 months in April.
The median sales price of new homes fell by 9.3% to $290,400 in May. April's median sales price was revised down to $320,200 from $321,100, still a record high. The median price was up 1.0% from May 2015.
