By Ian Mckendry
WASHINGTON (MNI) – The pace of new single-family home sales
increased by 23.6% in June to 330,000, which is the second lowest pace
on record, after May was revised down to 267,000, data released
Wednesday by the Commerce Department showed.
Analysts had expected a slight increase in sales to 310,000
seasonally adjusted annual rate, which would have been an improvement
from May, so the 330,000 sales were better than expected, despite a
drastic downward revision in May.
On an unadjusted basis, new home sales were up 17.1% from May, but
down 19.8% from a year ago.
Home sales were up in three out of four regions of the country,
with the West recording the only drop (down 6.6%).
The supply of homes for sale fell 1.4% to 210,000, the lowest level
since September 1968. However, the sales increase brought the months
supply down to 7.6 versus 8.5 in May.
The median sales price fell 1.4% to $213,400 in June, and was down
0.6% from a year ago.
** Market News International Washington Bureau: 202-371-2121 **
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