New residential single-family home sales grew annually by 12.2% to 763,000 seasonally adjusted annual rate compared to the revised April rate and are 20.0% higher than May 2022.

The median sales price of new homes reached $416,300 down 7.6% compared to 2022

Regionally, in the Northeast and the South, new home sales grew annually by 0.8% and 1.6% respectively.

In the Midwest, new home sales are down 2.5%, and 20.7% in the affordability-challenged West.