Sales of new single-family homes decreased 8.4% in June to an annualized pace of 350,000 units. The drop is less severe than it appears however, as May’s pace was revised up strongly to 382,000 units, the fastest pace since April 2010. Census, however, has frequently revised up initial monthly sales numbers in recent releases.
The months of supply on the market ticked up to 4.9 from 4.5. This remains a relatively low reading and is in line with the average over the past 4 months.
New home prices remain weak, with the median price falling 0.9% to $230,400. The median new home price has fallen 3% lower than its year-ago level.
Read Census' report.