New home sales rose in May for the third straight month as sales in the previous two months were revised upward, according to new government figures.
The Census Bureau reported Tuesday morning that sales of newly constructed homes rose 2.1% in May to a 476,000 seasonally adjusted annual rate, up from a 466,000 rate in April. Upward revisions for April and March totaled 19,000 units.
Overall,
Despite rising sales, prices actually cooled in May. The Census Bureau reported that the median price of a new home sold in May was $263,900, compared to $272,600 in April. The average sales price was 307,800, compared to $331,300 in April.
Sales jumped over 20% in the Northeast and 40% in the Midwest month-over-month as sales fell 9% in the South and rose just 3.6% in the West.
