The seasonally adjusted pace of new single-family home sales in the U.S. gained 2.2 percent in May to annual rate of 546,000 sales. The current pace is 19.5 percent higher than at the same time last year (versus 26.1 percent higher on a year-over-year basis in April) but remains 20 percent below than the long-term average of 653,000 as measured in May.
The pace of new single-family home sales in May peaked at 1,286,000 in 2005, 136 percent higher than last month.
In the West, the pace of new home sales gained 13.1 percent from April to May, reversing a two-month slide. The current pace is 25.5 percent higher as compared to the same time last year.
And in terms of inventory, the number of new single-family homes for sale in the U.S. is currently 206,000, unchanged from April but up 6.2 percent versus the same time last year.