–Sales Pace Revised Down In April and May
–Supply On Market Falls 1.8% To Record Low 164,000
By Kevin Kastner
WASHINGTON (MNI) – The pace of new single-family home sales fell
1.0% in June to an annual rate of 312,000 after seasonal adjustment, a
lower rate than expected, data released Tuesday by the Commerce
Department showed.
Analysts had expected sales to rise slightly to a 320,000
seasonally adjusted annual rate, based on the median forecast in a
Market News International survey. In addition to the June decline, there
were downward revisions to the sales rates in April and May.
Sales fell 15.8% in the Northeast region to a record low 16,000
homes in June. Sales in the Northeast were down 51.5% from June 2010 on
a seasonally adjusted basis.
Sales fell 12.7% in the West in June, but were up 9.5% in the
Midwest and up 3.4% in the large South region.
On an unadjusted basis, new home sales were unchanged from May, but
were up 3.6% from a year ago.
The supply of homes for sale fell 1.8% to a record low 164,000 in
June. As a result of the large drop in supply and the relatively smaller
sales decline, the months supply fell to 6.3 months from 6.4 months in
May. The June months supply is the lowest since April 2010, when it was
6.2 months.
The median sales price rose 5.8% to $235,200 in June and was up
7.2% from June 2010.
** Market News International Washington Bureau: 202-371-2121 **
[TOPICS: MAUDS$,MT$$$$,M$U$$$,MAUDR$]
