US new home sales fell -13.7% MoM and -6.3% YoY to a SAAR of 623k in May, the lowest level since October 2024 and below expectations of a SAAR of 694k.

• Months’ supply rose sharply to 9.8x from 8.3x in April and 8.5x a year ago, reflecting a slowdown in sales pace. New homes for sale increased to 507k, up 1.4% MoM and 8.1% YoY.
• The median sales price rose 3.7% MoM and 3.0% YoY to $426,600. The average sales price climbed 2.2% MoM and 4.6% YoY to $522,200.