May new-home sales up 19.8 percent from 2011

Sales of new single-family houses in May 2012 were at a seasonally adjusted annual rate of 369,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 19.8 percent above the May 2011 estimate of 308,000.

Sales were also up 7.6 percent compared to April 2012 numbers, marking the highest pace since April 2010.

The median sales price of new homes sold in May 2012 was $234,500; the average sales price was $273,900.

The seasonally adjusted estimate of new houses for sale at the end of May was 145,000 — a supply of 4.7 months at the current sales rate.

To read the full report, click here.