Keeping you up to date on the latest data releases.
- New Home Sales
New single-family home sales fell to a seasonally-adjusted annualized rate of 350,000 units sold in June. This is 8.4 percent lower than May’s revised rate of 382,000 units (revised up from 369,000), which drops the near-term (3-month) trend in sales growth down from 1.5 percent to nearly zero. On a year-over-year basis, new home sales are still up 15.1 percent. The largest contributor to the overall monthly decline was sales in the Northeast, which fell 60.0 percent in June to the lowest level in eight months. This follows six straight months of sales increases for the region. The South also posted a monthly decline of 8.6 percent, while sales in the Midwest and West grew 14.6 percent and 2.1 percent, respectively. The median sales price fell 1.9 percent to $232,600, while the average sales price fell 1.5 percent to $273,900. The median price has fallen three out of the last four months and the average price has posted two consecutive months of declines. Finally, the number of new single-family homes for sale increased 0.7 percent in June to 144,000 units on a seasonally-adjusted basis, following a decline of 1.4 percent in May. This represents 4.9 months of supply at the current sales rate.