New Home Sales Jump in May as Housing Rebound Continues

In a further sign that the housing market is rebounding from the COVID-19 pandemic, sales of newly built, single-family homes rose 16.6 percent to a seasonally adjusted annual rate of 676,000 units in May from a downwardly revised reading in April, according to newly released data by the U.S. Department of Housing and Urban Development and the U.S. Census Bureau. The May rate is 12.7 percent higher than the May 2019 pace.

"The May sales numbers are in line with rising builder sentiment," said Chuck Fowke, chairman of the National Association of Home Builders (NAHB) and a custom home builder from Tampa, Fla. "With home building considered an essential business, this solid sales report is another indicator that housing is leading the economic recovery."