New US Home Sales Down 6% In May Amid Tight Supply - Commerce Dept.

New home sales in the United States fell almost 6 percent in May, the Commerce Department said on Wednesday

WASHINGTON (UrduPoint News / Sputnik - 23rd June, 2021) New home sales in the United States fell almost 6 percent in May, the Commerce Department said on Wednesday.

Sales of new single family houses in May were at a seasonally adjusted annual rate of 769,000, according to estimates released earlier today.

"This is 5.9 percent below the revised April rate of 817,000," the Commerce Department said in a statement.

However, year-on-year, sales were up 9.2 percent above the May 2020 estimate of 704,000, the statement said.

The new home sales data was in line with US home sales numbers reported by the National Association of Realtors (NAR) on Tuesday that cited a near 3 percent decline in April for a third month in a row.

NAR said fewer houses came on the market in April to match demand that remained up double-digits for the year despite record high prices.

The median existing-home price for all housing types in April was at a record high $341,600, up 19.1 percent from the April 2020 median of $286,800, as every US region recorded increases, NAR said.

The housing market is one of the cornerstones of the US economy, accounting for nearly 15 percent of Gross Domestic Product. House prices in the United States have risen every year without for nearly ten years now, appreciating even during the height of the coronavirus pandemic in 2020.