Overview
- New home sales fell 11.3% in May, reaching an annual rate of 619,000 units, the lowest since November.
- The median price of new homes dropped to $417,400, while existing home prices reached a median of $424,500.
- High mortgage rates, averaging over 7%, have significantly reduced buyer affordability and demand.
- Several major US cities, including Miami and Denver, saw notable declines in home prices year-over-year.
- Builders are focusing on smaller, more affordable homes to attract buyers amid rising supply and cooling prices.