{"id":17565,"date":"2026-06-24T20:32:31","date_gmt":"2026-06-24T20:32:31","guid":{"rendered":"https:\/\/siliconvalleymovingpost.com\/?p=17565"},"modified":"2026-06-24T20:32:31","modified_gmt":"2026-06-24T20:32:31","slug":"new-home-sales-unexpectedly-fall-with-west-down-27","status":"publish","type":"post","link":"https:\/\/siliconvalleymovingpost.com\/?p=17565","title":{"rendered":"New-home sales unexpectedly fall, with West down 27%"},"content":{"rendered":"
\n

By Michael Sasso<\/strong> | Bloomberg<\/p>\n

Sales of new homes in the US fell again in May to the lowest level since the start of the year as heavy discounts failed to offset high mortgage rates.<\/p>\n

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Purchases of new single-family homes decreased by 7.3% to an annual rate of 580,000 last month, according to government figures published Wednesday. That trailed all economist estimates in a Bloomberg survey.<\/p>\n

The median sales price edged higher to $424,900, little changed from a year earlier. Prices have generally softened since 2023 as builders have focused on smaller homes and cut prices to improve affordability.<\/p>\n

May\u2019s decline in sales marks another setback for homebuilders, which have managed to keep purchases at respectable levels by cutting prices and offering customers subsidies to reduce their mortgage payments. Mortgage rates are hovering near nine-month highs at about 6.6%, and inflation\u2019s resurgence is proving to be another challenge for would-be homebuyers.<\/p>\n

\u201cBuilders are dropping prices and offering incentives, but many buyers aren\u2019t biting under current conditions,\u201d Ben Ayers, a senior economist at Nationwide, said Wednesday in a note. \u201cThis could set the stage for continued soft sales activity this summer with mortgage rates likely to remain elevated over the rest of 2026.\u201d<\/p>\n

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In May, the for-sale supply of new homes fell 1.4% from a year ago to 496,000. Even so, that represented 10.3 months of supply at the current sales rate, matching the highest level since 2009. Contractors have slowed their pace of construction in an attempt to reduce an oversupply of new homes on the market, including of so-called \u201cspec homes\u201d built without a signed contract.<\/p>\n

\u201cWe have long been pessimistic about the US housing market\u2019s prospects in 2026. The miss in May sales volumes is less concerning than the rise in inventories. Inventory bloat and sour sentiment are dovetailing to keep home prices under pressure,\u201d said Stuart Paul, a Bloomberg economist.<\/p>\n

\n<\/div>\n

The decline in sales was led by the West region, which saw a 26.9% drop to the slowest pace since October. In the South, the biggest homebuilding region, sales fell to 350,000, near the lowest levels of the last seven years. Sales climbed in the Midwest and Northeast.<\/p>\n

New-home sales are seen as a more timely measurement than purchases of existing homes, which are calculated when contracts close. However, the data are volatile on a monthly basis. The government report showed 90% confidence that the change in new-home sales ranged from a 20.6% decline to a 6% gain.<\/p>\n

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The West region saw its slowest pace since October.<\/p>\n","protected":false},"author":1,"featured_media":17564,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[43,2],"tags":[],"class_list":["post-17565","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-based-on-facts-either-observed-and-verified-directly-by-the-reporter-or-reported-and-verified-from-knowledgeable-sources","category-news"],"yoast_head":"\nNew-home sales unexpectedly fall, with West down 27% - Silicon Valley Moving Post<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/siliconvalleymovingpost.com\/?p=17565\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"New-home sales unexpectedly fall, with West down 27% - 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