Sales of new single-family homes in May continued to rebound from a COVID-19-influenced low in April, according to data released Tuesday by the U.S. Census Bureau and the Department of Housing and Urban Development. Year over year, the May sales figures were far ahead of May, 2019, according to the data.

Sales of new single-family homes were reported at a seasonally-adjusted annual rate of 676,000, an increase of 16.6 percent month-over-month and 12.7 percent year-over-year.

“This was the strongest May for new home sales since 2007, despite the COVID-19 pandemic,” Holden Lewis, the home and mortgage specialist at personal finance website NerdWallet, said in a statement. “Despite stay-home orders and high unemployment, people were out there, buying newly constructed homes.”

The median sales price for new, single-family homes sold was $317,900 in May. The average sales price was reportedly $368,800.

At the end of the month, there was 5.6 months of supply at the current sales rate.

“Despite the high unemployment rates and economic recession, buyers remain undeterred from shopping, which may be in part because the supply of existing homes on the market is limited and consumers might be more comfortable during the pandemic touring newly built homes,” John Pataky, an executive vice president at TIAA Bank, said in a statement. “This doesn’t mean that we’re due for a quick recovery in the housing market, but this is one good sign in a month where there weren’t many for the market.”

Developing…

Show Comments Hide Comments

Comments

Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Success!
Thank you for subscribing to Morning Headlines.
Back to top
Inman Connect is LIVE today! Join us and thousands of your peers from wherever you are.Register Now×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription