Published: 2024-06-11T19:04:42.000Z
Preview: Due June 26 - U.S. May New Home Sales - Trend starting to slip
Senior Economist , North America
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We expect a modest 1.4% decline in May new home sales to 625k, which would be the lowest since November. Survey evidence suggests the housing market is starting to weaken but after a 4.7% decline in April we do not expect a sharp decline in May.
We expect only one region to report a decline in May, with the Midwest likely to see a sharp decline after two straight strong gains. We expect the other three regions to report marginal gains, in corrections from more significant declines in April.
Trend in prices looks subdued and on the month we expect no change in either the median or average. This would see the median yr/yr pace slip to 2.9% from 3.9% while the average picks up to 2.0% from 1.0%.
