New home sales increased in May, partially reversing the previous month’s decrease, according to the latest report from the U.S. Census Bureau and the U.S. Department of Housing and Urban Development.

Sales of new single-family homes in May increased to a seasonally adjusted annual rate of 610,000 home sales, the report showed. This is an increase of 2.9% from April’s 593,000 and is 8.9% above last year’s 560,000 sales.

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Home sales

(Source: HUD, U.S. Census Bureau)

The median sales price of new homes sold increased from last month’s $309,200 to $345,800 in May. The average sales price for new homes sold came in at $406,400 for the month.

The seasonally adjusted estimate of new homes for sale at the end of May came in at 268,000 homes, the same as the previous month. However, with the faster sales pace, this represents a 5.3-month supply, down from April’s 5.7 months.

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