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Saturday, May 30, 2020 8:59:02 AM EDT

New Home Sales Updated 26-May-20 10:49AM ET

New home sales increased 0.6% m/m to a seasonally adjusted annual rate of 623,000 ( consensus 485,000) from a downwardly revised 619,000 (from 627,000).

On a yr/yr basis, new home sales were down 6.2%.

The median sales price declined 8.6% to $309,900 while the average sales price fell 5.4% to $364,500.

New home sales by region: Northeast (+8.7%); Midwest (+2.4%); South (+2.4%); and West (-6.3%).

At the current sales pace, the supply of new homes for sale stood at 6.3 months versus 6.4 months in March.

The percentage of new homes sold for $399,999 or less accounted for 71% of new homes sold, versus 70% in March and 66% in the same period a year ago.

The key takeaway from the report is that the strength in sales was fortified by lower selling prices.
Total Sales623K619K717K774K731K
Inventory (months)
Median Price Y/Y-8.6%5.2%3.3%7.7%-0.1%