In May 2006, the median sales price for new homes sold in the US was 235,300 which was down 4.3% from April 2006 when the median sales price 245,900. The average sales price also declined, falling 2.6% from 302,200 to 294,300 between Aprill and May 2006. Please note these are the preliminary numbers which are subject to revisions.
Sales of new one-family houses in May 2006 were at a seasonally adjusted annual rate of 1,234,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 4.6 percent (±13.1%)* above the revised April rate of 1,180,000, but is 5.9 percent (±10.8%)* below the May 2005 estimate of 1,311,000.
The median sales price of new houses sold in May 2006 was $235,300; the average sales price was $294,300. The seasonally adjusted estimate of new houses for sale at the end of May was 556,000. This represents a supply of 5.5 months at the current sales rate.
Calculated Risk has an excellent post on this data. A commentator, called PrivateBanker, wrote this astute comment on Calculated Risk's post "Sales are up are because of skewed reporting numbers and the fact that home builders are offering everything imaginable in incentives to unload their inventories. Don't people see this as a major warning sign?!!!"
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