New Home Sales Fall In June

New estimates released by the U.S. Census Bureau and the Department of Housing and Urban Development show sales of new single-family homes fell 8.1 percent in June. The drop was the largest in a year and put new home sales 11.5 percent below last June’s levels. Following two consecutive months of improvement and an 18.6 percent sales surge in May, the new estimates indicate that the housing market, though continuing to make progress, is still susceptible to an occasional month-to-month setback as it rebuilds momentum. Also in the report, the median sales price of new homes sold in June was $273,500; the average sales price was $331,400. The number of new homes available for sale rose 3.1 percent during the month, reaching its highest level since October 2010. At the current sales pace, there was a 5.8-month supply of new houses for sale at the end of the month.

Michael Rosenbaum

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