New home sales increased 7.0% m/m to a seasonally adjusted annual rate of 646,000 (Briefing.com consensus 660,000) from a downwardly revised 604,000 (from 626,000) in May.
Sales for April and March were also revised lower.
New home sales for June by region: Northeast (-4.2%); Midwest (-26.3%); South (+0.3%); and West (+50.4%)
The median new home price was basically flat yr/yr at $310,400. The average sales price was down 0.4% to $368,600.
The inventory of new homes for sale fell to 6.3 months at the June sales pace from 6.7 months in May.
Homes priced at $399,999 or less accounted for 73% of new home sold, versus 71% in May and 70% a year ago.The key takeaway from the report is that overall sales activity remains tepid despite the fundamental supports of low mortgage rates, low unemployment, and a tight supply of existing homes for sale.
|Median Price Y/Y||0.0%||-4.2%||7.3%||-7.4%||-2.0%|