The U.S. Census Bureau's new-home sales report for May shows a 16.5% year-over-year drop, transactions at 619,000, and supply at a high of 9.3 months.
Despite a 3% drop from $433,000 to $417,400 in median price, new home sales inventory piles up to 481,000, the highest since 2008.
While new home sales inventory levels are reminiscent of 2008, the market differs significantly as job markets are strong, Millennials show demand, and overall supply remains below pre-pandemic levels, according to Bright MLS.
Existing-home sales contrast new-home sales with minimal drop, as homeowners possess more room for concessions relative to builders amid high mortgage rates affecting the market.
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