Sales of new homes tanked in May, pushing supply up to a 3-year high

Sales of new single-family homes dropped 13.7% in May compared with April to 623,000 units on a seasonally-adjusted, annualized basis, according to the U.S. Census. That sales total was 6.3% lower than May 2024 and well below both the 6-month average of 671,000 and the one-year average of 676,000. It also lags the pre-pandemic average in 2019 of 685,000 units sold. Wall Street analysts were expecting May new home sales of 695,000, according to estimates from Dow Jones. This count is based on signed contract ...