The U.S.
Commerce Department informed on Wednesday that the sales of new single-family
homes fell 0.6 per cent m-o-m to a seasonally adjusted annual rate of 617,000
units in June. This represented the lowest
reading since November 2023 (611,000).
Economists
had predicted a sales pace of 640,000 last month.
The May sales
pace was revised up to 621,000 units from the originally reported 619,000
units.
According to
the report, new home sales in the South, the largest area, increased by 0.3 per
cent m-o-m in June to 375,000. In addition, new home sales in the West surged by 1.4 per
cent m-o-m to 149,000. Meanwhile, new home sales in
the Northeast fell by 7.7 per cent m-o-m to 12,000, and in the Midwest dropped
by 6.9 per cent m-o-m to 81,000.
Compared to June
2023, new home sales tumbled 7.4 per cent.
The report also
revealed that the median sales price edged down by 0.1 per cent y-o-y to $417,300
in June, while the average sales price declined by 4.1 per cent y-o-y to $487,200.