Home sales of newly built homes took a hit in May.
Sales of newly built homes fell 7.8% month-to-month and were 3.7% lower compared with May 2018.
The available supply of newly built homes rose to 6.5 months compared to the existing supply of homes which stands at 4.4 months.
The supply of existing homes in Las Vegas was up an unbelievable 85% annually. I consult with a few Las Vegas realtors from time to time and they have told me the housing market has slowed considerably. Putting things into perspective though, the Las Vegas market is up big from just 3 years ago. Seattle supply of existing homes is up 52% annually and parts of California are in the double digits.
I don’t make to much from one month of data. The trend is what counts to me so I will be seeing how all these data points unfold over the next few months.