New Home Sales Suffer Enormous Collapse
Courtesy of Vincent Fernando, Clusterstock
May new residential home sales were just 300,000 vs. 423,000 expected according to Fact Set consensus.
It’s actually the worst number we’ve seen yet:
Census Bureau:
Sales of new single-family houses in May 2010 were at a seasonally adjusted annual rate of 300,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 32.7 percent (±9.9%) below the revised April rate of 446,000 and is 18.3 percent (±13.0%) below the May 2009 estimate of 367,000.
The median sales price of new houses sold in May 2010 was $200,900; the average sales price was $263,400. The seasonally adjusted estimate of new houses for sale at the end of May was 213,000. This represents a supply of 8.5 months at the current sales rate.
Check out the full official release below:
