Housing Bubble

New home sales post largest percentage gain since September 1993

June 25, 2003

Sales of new one-family houses in May 2003 were at a seasonally adjusted annual rate of 1,157,000, according to estimates released jointly today by the U.S. Census Bureau and the U.S. Department of Housing and Urban Development, the largest percentage gain since September 1993.

This is 12.5 percent above the revised April rate of 1,028,000 and is 17.9 percent above the May 2002 estimate of 981,000.

The median sales price of new houses sold in May 2003 was $195,200; the average sales price was $242,500. The seasonally adjusted estimate of new houses for sale at the end of May was 336,000. This represents a supply of 3.5 months at the current sales rate.

Source: Census - New residential sales