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Economic news
24.07.2024

U.S. new home sales decrease 0.6 per cent in June

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.

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