Constrained Construction

Sales of new single-family homes in May were seasonally adjusted at 551,000, 6% below April’s level and 8.7% above the 5/15 level. More generally, only since April have new home sales exceeded 2008 levels and YTD sales are just 241,000, up 6.6% from last year. YTD sales are flat in the west and Midwest, up 4.5% in the south and up 100% in the tiny northeast, from 8,000 to 16,000.