New-Home Sales Fell in May, but Prices Soared

New-Home Sales Fell in May, but Prices Soared
·3 min read

Sales of new single-family homes fell 5.9% in May to a seasonally adjusted annual rate of 769,000 from a downward-revised April rate of 817,000. May’s seasonally adjusted rate, the slowest this year, is 9.2% higher than in May 2020. The National Association of Realtors reported Tuesday that the seasonally adjusted annual rate of existing-home sales fell 0.9% in May. It would take 2.5 months to sell through existing inventory, the NAR said—significantly faster than the 4.6 months required in May 2020.

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