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A recently released New Home Sales Report for May reported sales of newly built homes dipped 6 percent from the level in April, but rose 8.7 percent since May 2015.

The report, a joint release by the Census Bureau and the Department of Housing and Urban Development shows new single-family sales dropping after reaching a 8-year high the previous month.

Sales of new single-family houses in May 2016 were at a seasonally adjusted annual rate of 551,000. This is 6.0 percent below the revised April rate of 586,000, but is 8.7 percent above the May 2015 estimate of 507,000.

The median sales price of new houses sold in May 2016 was $290,400; the average sales price was $358,900. The seasonally adjusted estimate of new houses for sale at the end of May was 244,000. This represents a supply of 5.3 months at the current sales rate.

“While the headline story may be a dip in sales of newly built homes following last month’s spike, the big picture is the continued year-over-year sales growth – surging past last year’s pace,” says Quicken Loans vice president Bill Banfield. “This annual increase, partnered with a meaningful rise in home resales, points to a growing economy and a strong demand for homeownership.”

For more information, visit www.hud.gov.

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