The housing market has perked up with the start of summer thanks to soaring demand for homes. This is especially true as new home sales jumped to the highest level in May since November 2017. Sales of new homes in the United States rose 6.7% to a seasonally adjusted annual rate of 689,000 in May. The robust growth was driven by an inventory crunch for previously owned houses. The median sales price in May was 3.3% lower than the year-ago month.