US New Home Sales Drop For Second Straight Month

US new home sales fell for the second straight month in May while the median sales price hit a new record high, government data said Wednesday, reinforcing the case that the housing market is slowing

Washington, (UrduPoint / Pakistan Point News - 23rd Jun, 2021 ) :US new home sales fell for the second straight month in May while the median sales price hit a new record high, government data said Wednesday, reinforcing the case that the housing market is slowing.

The Commerce Department said new home sales were at 769,000 annualized last month, 5.9 percent below April's downwardly revised rate and also lower than analysts had forecast.

The median sales price of new properties climbed to $374,400, even as supply increased so that, if no more houses came onto the market, the stock would sell in 5.

1 months at the current pace.

"Sales look set to fall further, with a decent chance they'll soon be back below the pre-Covid trend," said Ian Shepherdson of Pantheon Macroeconomics.

Real estate demand soared during the worst of the Covid-19 pandemic as those who could afford it sought out new properties, and the pace in May was 9.2 percent higher than the same month in 2020.