Real Estate News

New home sales statistics show gains from May

Published: 29 Jun 2017

The Census Bureau recently released a statement on new residential home sales as of May 2017. This release said that the new single-family homes sold at a rate of 610,000 per year, climbing approximately 8.9 percent over its standing in the previous year.

In that month, the figure apparently represented a rebound, showing an upward movement after a stark decline between that month and the previous one. The average sales price for a new home during this time was $406,400, and the source estimated that there was an adjusted total of 268,000 new homes for sale.

The full June report won't be released until July 26, but for now the report indicates a slight change of pace for the time being in 2017. Although there's been numerous peaks and valleys on this continuum since May 2012, the overall trend across all of these months appears to be one moving gradually upward.

This is somewhat consistent with news on housing patterns from another source. The National Association of Realtors said 71 percent of homeowners think that this is a good time to sell on the market. At the same time, though, the amount of renters who think the same thing seems to have dropped.

In this statement, Lawrence Yun, the organization's Chief Economist, explained what these statistics mean.

"There are just not enough homeowners deciding to sell because they're either content where they are, holding off until they build more equity, or hesitant seeing as it will be difficult to find an affordable home to buy," Yun said.

According to this statement, there were 62 percent of renters believing that it was a good buyer's market. Fewer households also think that the economy is improving, as opposed to the previous quarter.