By Josh Newell
WASHINGTON (MNI) – U.S. new home sales fell 8.4% in June to
350,000, but upward revisions the past three months negated the decline,
the U.S Census reported Wednesday.
The headline figure, which is a seasonally adjusted annual rate,
was the lowest monthly number in five months and came in far below MNI’s
median forecasts of 370,000.
However, May new home sales were revised up to the highest level in
over two years, up 13,000 to 382,000. April’s number was upwardly
revised by 15,000 to 358,000, and March sales were changed 5,000, to
352,000.
Year over year new home sales are up 15.1%, down from a 24% gain
the prior month.
Meanwhile, new homes for sale at the end of the month rose to
144,000, after last month’s total was revised down 2,000 to 143,000.
This represented a 4.9 months supply at the current sales rate, up
from a downwardly revised 4.5 months supply the previous month, which
marked the lowest level since October, 2005.
The median sales price stood at $232,600, down $4,500 from an
upwardly revised May figure.
Regionally, the northeast and south completely drove the declines
in the headline number, as the northeast region saw declines of 60% or
24,000 in sales, and the south experienced a drop of 8.6%, or 17,000.
Sales in the midwest did jump 14.6%, or 7,000, and sales in the
west rose 2.1%, or 2,000 for the month.
** MNI Washington Bureau: 202-371-2121 **
[TOPICS: M$U$$$,MAUDS$]
