U.S. New Home Sales Unexpectedly Fell in June
By Xavier Fontdegloria
Purchases of new single-family houses in the U.S. fell in June
for the third consecutive month amid low inventories and high
prices. Here are the main takeaways from the Commerce Department's
report released Monday:
--New home sales decreased 6.6% in June compared with May to a
seasonally adjusted annual rate of 676,000. This is the lowest
reading since April 2020.
--The reading is below economists forecast polled by The Wall
Street Journal, who expected a 3.4% increase to a seasonally
adjusted annual rate of 795,000.
--June sales were 19.4% below the same month a year earlier.
--May new home sales were downwardly revised to 724,000 from an
earlier estimate of 769,000.
--Monthly new residential sales data is volatile and often
revised. Data for June came with a margin of error of 16.5
--The median price of a new home was $361,800 in June, up from
$341,100 the same month a year earlier but down from $380,700 in
--The seasonally adjusted estimate of new houses for sale at the
end of June was 353,000. This represents a supply of 6.3 months at
the current sales rate.
Write to Xavier Fontdegloria at firstname.lastname@example.org
(END) Dow Jones Newswires
July 26, 2021 10:29 ET (14:29 GMT)
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