U.S. Commerce Department on Friday reported that during June, new U.S. single-family home sales declined 6.8% to a seasonally adjusted annual rate of 482,000 units, striking the lowest level since November 2014.
New U.S. single-family home sales were up 18.1% in June, compared to June 2014.
In the Northeast, new home sales increased 28% in June after soaring 78.6% in May.
In the West, new home sales fell 17% and in the Midwest, sales were down 11.1%.
In the South, new home sales fell 4.1%.
Inventory of new houses for sale during June increased 3.4% to 215,000, striking the highest level since May 2010. Supply of new houses for sale remains less than half of what it was at the height of the housing boom.
It would take 5.4 months to clear the supply of houses on the market, the most since November 2014, based on sales pace in June.
The median price of a new home fell 1.8% from same period in 2014, to $281,800.
In what appeared to be a minor setback for the housing market recovery, new home sales in May was revised sharply lower. May's sales pace was revised down to 517,000 units from previously reported 546,000 units.
Contributed by Millennium Traders
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