A joint release from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau reported a rise in new residential home sales. May?EUR??,,????'???s seasonally adjusted sales rate of 1,157,000 was, according to MSNBC, a record high. The median sales price of new homes sold in May was $195,200, and the average sales price was $242,500. These prices are up from April?EUR??,,????'???s median and average sales price of $185,100 and $235,000, respectively. Total New Houses Sold During Period: 1,157,000 Percent Change from April: +12.5% Percent Change from 2002: +17.9% Survey of New Houses Sold During Period by Construction Stage: Total Sold: 108,000 Homes Sold but Not Started: 43,000 Homes Sold and Under Construction: 39,000 Homes Sold and Completed: 26,000 Survey of Houses Sold By Sales Price: % Distribution Total: 108,000 100 Under $100,000 6,000 7 $100,000 - $124,999 13,000 9 $125,000 - $149,999 14,000 16 $150,000 - $199,999 25,000 25 $200,000 - $249,999 17,000 17 $250,000 - $299,999 9,000 9 $300,000 and over 24,000 24 (Numbers may not add up due to rounding) With the Fed?EUR??,,????'???s cut of the federal funds rate to 1%, and the more welcoming, house-hunting months of summer, housing sales should continue to rise until interest rates once again increase. Although buyers are seizing the opportunity to snatch up fixed-rate home equity loans at the lowest interest rate since 1958, a stabilizing economy could curb sales after the summer. The number of new homes sold per month may dip a little from previous months, but interest rates will probably be lower than last year?EUR??,,????'???s, yielding comparatively more new home sales this year. What do you foresee happening with the housing market? Give us your input by clicking on the comment box in the top right corner!