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.  

The median sale prices for single-family homes in both Broward and Palm Beach counties jumped by more than $120,000 year over year.

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. 

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. 

Pricing on South Florida single-family homes and condos continues to show strong year-over-year gains, the latest market report shows.

The inventory of unsold homes increased in April, while the median existing-home sales price rose, according to the National Association of REALTORS®.