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New-home sales increase in May nationally, fall for Northeast

Jun 27, 2017
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.

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Empire State home sales stay at elevated level during April

Against the backdrop of fewer homes on the market, homebuyers in New York State closed 8,640 sales during April, falling only 2.6 percent from April 2017. The median sales price growth trend continued, increasing by nearly 12 percent compared to last April to reach $260,000 for the month. Click here to read more.