New-home inventory rose to 444,000 homes in May from 437,000 homes in April, the U.S. Census Bureau and the U.S. Department of Housing and Urban Development reported.
Meanwhile, existing-home sales slid 3.4% from April to a seasonally adjusted annual rate of 5.41 million, according to the National Association of REALTORS®.
Nationwide, sales fell 8.5% annually and rose 5.8% monthly, as rising interest rates and home prices weighed on homebuyers’ purchasing power, RE/MAX said.
New-home completions rose during the month, however, with the increased inventory representing a rare bright spot in an otherwise gloomy government report.
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Two major real estate firms are cutting their workforces amid a cooling housing market. Compass and Redfin are laying off 10% and 8% of their current staffs, respectively.
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Nationally, the index posted its highest annual increase ever.
Nevertheless, home prices are expected to continue rising through the end of the year, according to the National Association of REALTORS®.
The rate of new single-family home sales fell 16.6% from March’s revised number, while the median sales price jumped to $450,600 from March’s revised median house price of $435,000.