The U.S. Census Bureau and the Department of Housing and Urban Development’s New Residential Sales Report for May shows sales of new single-family homes up 13.5 percent above last year’s estimates, despite dipping 2.1 percent from April. And though sales declined month-over-month, the seasonally adjusted annual rate of 319,000 homes was above economists’ expectations of 305,000. Also, the median sales price for a new home rose 2.6 percent in May to $222,600. The seasonally adjusted estimate of new houses for sale at the end of May was 166,000, which represents a supply of 6.2 months at the current sales rate. More here and here.

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