Real Estate
U.S. New-Home Sales Post Surprise Drop Amid Record-High Prices
- Median sales price rose to a record $374,400 last month
- New homes for sale were at highest levels since July 2019
Sales of new U.S. homes dropped unexpectedly in May as elevated home prices continue to weigh on affordability and builders rush to replenish inventory.
Purchases of new single-family homes fell 5.9% to a 769,000 annualized pace after an downwardly revised 817,000 in April, government data showed Wednesday. The median estimate in a Bloomberg survey of economists called for a 865,000 rate.