Having hit an eight-year high in April, which has since been revised down, the pace of new single-family home sales in the U.S. slipped 6.0 percent in May but remains 8.7 percent higher versus the same time last year.
The current pace of 551,000 sales is 15.6 percent below the long-term average rate for this time of the year (653,000) and 57.2 percent below the peak April pace of 1,286,000 set in 2005.
In terms of inventory, the number of new single-family homes for sale across the county is now 244,000, up 1.2 percent from the month before and 16.2 percent higher versus the same time last year.
And having rebounded 18.8 percent from March to April, the pace of new single-family home sales in the West dropped 15.6 percent May to an annual rate of 124,000 sales, 8.8 percent lower versus the same time last year.
Pice? Up or down? Market outlook?
The median sales price of new houses sold in May was $290,400, up 1.0 percent on a year-over-year basis but down 9.3 percent from $320,200 in April and the lowest median sale price since June of 2015.
The low end is now catching up to the high end, as ridiculous rent inflation combined with loose lending is once again pushing under-qualified buyers into the market.