The report indicated that the inventory of new homes for sale fell 1.7 percent in May to 453,000 units, which is a 10.9-month supply at the current sales pace.
The median sales price of new homes sold in May 2008 was $231,000; the average sales price was $311,000.

Regionally, sales were down 7.9 percent in the Northeast and 11.6 percent in the West in May. Sales gained 5.1 percent in the Midwest and rose a marginal 0.4 percent in the South.

?EUR??,,????'??The nation?EUR??,,????'???s housing market clearly continues to display fundamental weakness, and today?EUR??,,????'???s numbers are in line with what builders have been telling us in our regular surveys,?EUR??,,????'?? said NAHB Chief Economist David Seiders. ?EUR??,,????'??Home builders have been doing everything they can to limit the production of new units and move existing inventory, but it hasn?EUR??,,????'???t been enough to make a significant dent in the backlog yet.?EUR??,,????'??