New-home sales increase in May nationally, fall for Northeast
The median price for a new single-family home reached a record high in May of $345,800, the Commerce Department reports. Buyers will be paying a huge premium for new construction, as new-home prices are now 16.8 percent higher than they were a year ago.
The higher price tags don’t seem to be spooking home shoppers nationally, with 61,000 new homes purchased in May. This is 2.9 percent higher than April and 8.9 percent higher than a year ago.
In the Northeast, new-home sales fell 10.8 percent.