Gregory Daco: U.S. new home sales fall in May as inventory rises

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U.S. housing sales drop, inventory rises

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Anastasiia Chabaniuk

6 hours ago

Gregory Daco: U.S. new home sales fall in May as inventory rises — U.S. housing sales drop, inventory rises

Gregory Daco reports that U.S. housing remains subdued during the spring selling season. New home sales in May dropped 7.4% month-over-month and 6.8% year-over-year, reaching a 580,000 pace, which is tied for the lowest level since 2022.

Nearly 500,000 homes remain unsold, with 10.3 months of supply—the second highest since 2009. The average sale price hit $540,000, marking the second all-time high.

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Earlier this month, Gregory Daco reported that the Federal Reserve is creating task forces on balance sheet issues, jobs, and inflation to address key policy areas. Daco also noted that Kevin Warsh may soon change the Fed’s communication approach by potentially reversing forward guidance on rates in June. These developments come as policymakers monitor the housing slowdown.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.

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