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New Report Reveals Multiple Housing Market Factors Improving
|Together, the U.S. Department of Housing and Urban Development and the U.S. Census Bureau announced that new residential sales improved in May.
Friday, July 13th, 2012
As low home prices and record-low mortgage rates continue to provide potential buyers with high affordability, a new report reveals residential sales were up in May.
Together, the U.S. Department of Housing and Urban Development and the U.S. Census Bureau announced that new residential sales improved in May. According to data, sales of new single-family houses in May were at a seasonally adjusted annual rate of 369,000, up 7.6 percent from the revised rate of 343,000 in April. When compared to sales in May last year, the annual rate is 19.8 percent higher than the reported estimate of 308,000.
In addition to improving sales of new single-family homes, the report shows the median sales price of new houses sold in May was also up to $234,500, while the average sales price was $273,900. The seasonally adjusted estimate of new houses for sale at the end of May was 145,000, representing a supply of 4.7 months.
From April to May, the number of homes sold in the South was up 12.7 percent, and second to sales in the Northeast which rose 36.7 percent. The only region that saw a decline in the number of new homes sold was the Midwest, where they experienced a monthly decline of 10.6 percent.
On an annual basis, sales of new homes were up 16.6 percent in the South, and rose 127.8 percent in the Northeast. Despite monthly declines, Midwest sales in May 2012 were up 2.4 percent when compared to this time last year.