Wednesday, July 24, 2013

New Home Sales Increased in June

New home sales increased to an annual pace of 497,000 units in June, 8.3% above May’s downwardly revised pace. June’s pace is now 38% above year ago levels.

New Home sales were not regionally balanced. The Midwest saw a sharp decline, dropping 11.8% from the previous month, while the remaining three regions all posted double digit gains. The Northeast led the gains at 18.5%.

The supply of existing home on the market remains tight, decreasing to 3.9 months. An influx of listings was offset by the strong demand. Listings increased 1.3% over the month. Supply will remain at cyclical lows until residential construction picks up sufficiently.

The median price of homes sold dropped in June, with the median home selling for $235,700. This is the second month of declining median home prices. April’s median home price is 1.3% above year-ago levels.

Read the Census report.

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