Industry News

New-home prices slide in May

Sales surge in the South

Inman News Median prices for new-home sales slid 11.4 percent and average prices for new-home sales dropped 5.3 percent from April to May, the U.S. Census Bureau and U.S. Department of Housing and Urban Development announced today. The median sales price of new houses sold in May 2004 was $198,400 and the average sales price was $256,700. In April, the median sales price of new homes was $221,200 and the average sales price was $270,400. There were 372,000 new homes for sale at the end of May, representing a supply of 3.3 months at the current sales rate, according to a seasonally adjusted estimate. At the end of April there were 387,000 houses for sale, representing a 4.3-month supply. Sales of new single-family homes in May reached a seasonally adjusted annual rate of 1.37 million, which is 25.3 percent above the May 2003 estimate and 14.8 percent over the revised April rate, the U.S. Census Bureau and U.S. Department of Housing and Urban Development announced today. The May 20...