June New Home Sales Beat Expectations.
June sales of new-homes beat expectations with esingel family homes posting an 11% increase over May’s numbers.
Commerce Department estimated new-home sales to a seasonally adjusted annual rate of 330,000 was well above the 316,000 pace expected by economists .
At the same time, in the wake of the expired tax credit, the May new-home sales fell a revised 36.7% to a record low 267,000 level compared with the previous estimate of a 32.7% fall to 300,000. New-home sales are down 16.7% compared with a year ago.
Perhaps jsut as significant, the months’ supply of homes on the market fell to 7.6 months in June from 9.6 months in May.
Median sales prices have fallen 0.6% in the past year to $213,400
