The U.S. Department of Housing and Urban Development (HUD) and the U.S. Census Bureau jointly announced the following new residential sales statistics for May 2023:
New Home Sales
Sales of new single‐family houses in May 2023 were at a seasonally adjusted annual rate of 763,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 12.2 percent (±12.8 percent)* above the revised April rate of 680,000, and is 20.0 percent (±15.5 percent)* above the May 2022 estimate of 636,000.
The median sales price of new houses sold in May 2023 was $416,300. The average sales price was $487,300.
For Sale Inventory and Months’ Supply
The seasonally‐adjusted estimate of new houses for sale at the end of May was 428,000. This represents a supply of 6.7 months at the current sales rate.
The June report is scheduled for release on July 26, 2023. View the full schedule in the Economic Briefing Room:
www.census.gov/economic-indicators/. The full text and tables for this release can be found at www.census.gov/construction/nrs/index.html.
These statistics are estimated from sample surveys. They are subject to sampling variability as well as nonsampling error including bias and variance from response, nonreporting, and undercoverage. Estimated average relative standard errors of the preliminary data are shown in the tables. Whenever a statement such as “2.5 percent (±3.2%) above” appears in the text, this indicates the range (‐0.7 to +5.7 percent) in which the actual percent change is likely to have occurred. All ranges given for percent changes are 90‐percent confidence intervals and account only for sampling variability. If a range does not contain zero, the change is statistically significant. If it does contain zero, the change is not statistically significant; that is, it is uncertain whether there was an increase or decrease. The same policies apply to the confidence intervals for percent changes shown in the tables. Changes in seasonally adjusted statistics often show irregular movement. It takes 4 months to establish a trend for new houses sold. Preliminary new home sales figures are subject to revision due to the survey methodology and definitions used. The survey is primarily based on a sample of houses selected from building permits. Since a “sale” is defined as a deposit taken or sales agreement signed, this can occur prior to a permit being issued. An estimate of these prior sales is included in the sales figure. On average, the preliminary seasonally adjusted estimate of total sales is revised about 4.2 percent. Changes in sales price data reflect changes in the distribution of houses by region, size, etc., as well as changes in the prices of houses with identical characteristics. Explanations of confidence intervals and sampling variability can be found at the Census Bureau’s website.
* The 90 percent confidence interval includes zero. In such cases, there is insufficient statistical evidence to conclude that the actual change is different from zero.
Notice of Revision: With this release, seasonally adjusted estimates of housing units sold, housing units for sale, and the months’ supply of new housing have been revised back to January 2018. All revised estimates are available on the Census Bureau website.