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Sales of New Single-Family Houses in the U.S. Decline in June


According to data from the Commerce Department released on Wednesday, sales of new single-family houses in the U.S. fell in June, which was lower than what economists had anticipated. Here are the key details:

Decline in Sales

  • New home sales decreased by 2.5% in June compared to the previous month.
  • The seasonally adjusted annual rate of sales was 697,000.

Forecast vs Reality

  • Economists polled by The Wall Street Journal had expected sales to decline to an adjusted rate of 725,000.
  • The actual rate for May was revised down to 715,000 from the previously reported 763,000.

Year-on-Year Comparison

  • Despite the decrease, sales in June were still 23.8% higher than the same period last year.
  • Adjusted for seasonal shifts, sales stood at 563,000 a year ago.

Median Price

  • The median price of a new home dropped slightly in June to $415,400 from $417,300 in May.

Increase in Supply

  • At the end of June, the rate of new houses available for sale was 432,000.
  • This indicates a rise in supply, resulting in a 7.4-month inventory at the current sales rate.

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