The U.S. Department of Housing and Urban Development (HUD) and the U.S. Census Bureau have released new residential sales statistics for May 2024.
According to the report, sales of new single-family houses in May 2024 were at a seasonally adjusted annual rate of 619,000. This figure is 11.3 percent (±15.5 percent) below the revised April rate of 698,000 and 16.5 percent (±16.2 percent) below the May 2023 estimate of 741,000.
The median sales price of new houses sold in May 2024 was $417,400, while the average sales price stood at $520,000.
The seasonally adjusted estimate of new houses for sale at the end of May was 481,000, representing a supply of 9.3 months at the current sales rate.
The next report is scheduled for release on July 24, 2024. The full schedule can be viewed in the Economic Briefing Room along with the complete text and tables for this release.
These statistics are derived from sample surveys and are subject to sampling variability as well as nonsampling errors such as bias and variance from response, nonreporting, and undercoverage. Average relative standard errors of preliminary data are provided in tables accompanying the report.
For statements like “2.5 percent (±3.2%) above,” it indicates a range (-0.7 to +5.7 percent) within which the actual percentage change likely occurred. All ranges given for percentage changes are based on 90-percent confidence intervals accounting only for sampling variability.
Changes in seasonally adjusted statistics often show irregular movement; thus, it takes three months to establish a trend for new houses sold. Preliminary figures are subject to revision due to survey methodology and definitions used.
The Census Bureau’s application programming interface allows developers to create custom apps that make key demographic, socio-economic, and housing statistics more accessible.
Additionally, updates on key economic indicators can be received through the FRED App available for Apple and Android devices. FRED incorporates the Census Bureau’s economic indicators into its database managed by the Federal Reserve Bank of St. Louis.
