Sales of new homes drop
July 25, 2012
Sales of new single-family houses in June 2012 were at a seasonally adjusted annual rate of 350,000 — 8.4% below the revised May rate but 15.1% above June 2011, according to estimates released jointly by the U.S. Census Bureau and the Department of Housing and Urban Development. The National Association of Realtors last week said existing-home sales also were down in June, although the association attributed that result to tight inventories rather than low demand.
Sales varied substantially by region with new home sales in the South falling by 8.6% from May — just slightly more than the nationwide drop. But in the Northeast, sales plummeted 60%, offsetting gains of 14.6% and 2.1% in the Midwest and West, respectively.
The seasonally adjusted estimate of new houses for sale at the end of June was 144,000, representing a supply of 4.9 months at the current sales rate.The median sales price of new houses sold in June 2012 was $232,600; the average sales price was $273,900.
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