The American dream of buying a new home just got a little more elusive. New single-family home sales dropped to a seasonally adjusted annual rate of 580,000 units in May, according to data released jointly by the US Census Bureau and the Department of Housing and Urban Development on June 24.
That’s a 7.3% decline from April’s revised pace of 626,000 units. It also marks a 6.8% year-over-year drop compared to the 622,000 rate recorded in May 2025.
The numbers paint a stubborn picture
The 30-year mortgage rate, as tracked by the Mortgage Bankers Association, sat at approximately 6.59% as of mid-June.
The median sales price of a new home came in at $424,900 in May, a modest 2.0% increase from April. Compared to a year ago, prices were virtually flat.
