August 03, 2015

South Stands Alone in Growth of New Home Sales

Nashville Business Journal

by Jordan Markley

The South was the only region that saw a monthly increase in the number of new single-family houses sold in May, according to a joint report released today by the U.S. Census Bureau and the Department of Housing and Urban Development.

Sales of new single-family houses in the South increased to a seasonally adjusted annual rate of 172,000, up from 168,000 in April. During the same period, the national annualized rate fell from 326,000 to 319,000.

The national average sale price for May 2011 was $266,400 while the median sale price was $222,600. The report also estimates that there were 166,000 houses for sale at the end of May, representing a 6.2-month supply at the current rate.

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