New Home Sales Rose in June

New single-family home sales rose to a seasonally adjusted annual rate of 592,000, according to the U.S. Census Bureau and the Department of Housing and Urban Development. The June rate is 3.5 percent below the revised May rate of 572,000 but 25.4 percent above the June 2015 estimate.

Sales were mixed across regions, rising 10.4 percent in the Midwest and 10.9 percent in the West, but falling 5.6 percent in the Northeast and 0.3 percent in the South.

The median price of a new home was $306,700, up 6.2 percent from May. The average price was $358,200, up 1.9 percent from the previous month.

At the end of June, there was an estimated supply of 4.9 months at the current sales rate, down from a 5.9 month supply in May.

Read the Census/HUD release.

About Tim Nicholson

Tim Nicholson
Tim Nicholson is an economic research associate at ABA.
More from Tim Nicholson >