New Home Sales Fall in June; Still 18% Higher Than 2014
New home sales are down, yet still well above the levels we saw this time last year. According to a new report from the U.S. Census Bureau, new home sales fell nearly seven percent in the month of June to the lowest levels seen over the past seven months. Even with the drop, though, sales remained about 18 percent higher than last year. When seasonally adjusted, the annual rate of new home sales came in at 482,000.
When comparing June with May, new home sales dropped the most in the West, followed by the Midwest and South, but rose about 28 percent in the Northeast. While the median sale price of new houses was up marginally from the prior month at $281,800, prices remained below June 2014 median sale prices. The average sale price for new homes in June was $328,700 and the seasonally adjusted estimate for new homes on the market at the end of the month was 215,000. Â
New homes only make up a small amount of the housing market. Existing home sales closed the month of June up more than three percent, marking the highest level we’ve seen in eight years. As for the month of July, those numbers are expected to be released by the end of August.
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