- Prior month 0.3% (vs. 0.6% estimate).
- New housing price index up 0.5% him vs. 0.3% last month
- prices were up in 14 of 27 metropolitan areas
- year-over-year, new home prices rose 8.4%. This was still the smallest increase since March 2021
New home prices continue to rise as result of higher construction costs. The price for energy and petroleum products have been up 78.5% for the year while fabricated metal products and construction materials are up 23.2%. Cement, glass, or another nonmetallic mineral products are up 8.7%.
Resale prices on existing homes have shown a decline as higher mortgage rates cut into affordability and cut demand. Home sales decreased by 8.6% in May compared to April while the price of resale homes fell -0.8%.
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