New Home Sales May 2015

According to the Census Bureau and HUD sales of new homes increased 2.2% compared to April to rate of 546,000 units. May’s numbers we’re nearly 20% higher than May 2014. These numbers were significantly higher then industry estimates. Sales in the Northeast were the big driver and the West had moderate increases. The report stated there were 206,000 new homes for sale at the end of the reporting period, just over a 4 month supply.
The median price of a new home sold in May was $282,800 and the average price was $337,000. The median and average prices of homes sold in May 2014 were $285,600 and $323,500.  California mortgage interest rates in May were aggressive which sparked an uptick in loan volume.