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Sales of new homes dip again

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(Read caption) Sales of new single-family homes dipped in May.

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Today, the U.S. Census Department released its monthly New Residential Home Sales Report for May showing a monthly decline with sales falling 2.15% since April but increasing 13.52% above the level seen a year earlier to a historically low 319K SAAR units.

These results, continue to indicate that the nation's housing markets are firmly entrenched in a double-dip and come fully in-line with the other pitiful housing data-points I have outlined in past months.

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It's important to recognize that the inventory of new homes has now fallen to a new series low at 166K units, lowest level seen in in at least 47 years while the median number of months for sale increased to 9.2.

Recommended:Home sales at six-month low, showing weakness even in 'peak' season

The monthly supply declined to 6.2 months while the median selling price declined 3.43% and the average selling price declined a notable 5.23% from the year ago level.

The chart above shows the extent of sales decline to date (click for full-larger version).