US New Home Sales at 8-Month Low

Sales of new single-family houses in the United States declined 5.3 percent from the previous month to a seasonally adjusted annual rate of 631 thousand in June of 2018, following a downwardly revised 3.9 percent gain in May. It is the lowest rate since October, worse than market expectations of 670 thousand. Sales in the South fell sharply after hitting their highest level in nearly 11 years in May.

Sales declined in the South (-7.7 percent to 361 thousand), the West (-5.2 percent to 147 thousand) and the Midwest (-13.4 percent to 71 thousand) but rose in the Northeast (36.8 percent to 52 thousand). 

The median sales price of new houses sold was USD 302,100, below USD 315,200 in the same month of the previous year. The average sales price also fell to USD 363,300 in June from USD 370,600 a year ago. 

The stock of new houses for sale went up 1.7 percent to 301 thousand. This represents a supply of 5.7 months at the current sales rate.

Year-on-year, new home sales rose 2.4 percent.

US New Home Sales at 8-Month Low

US Census Bureau | Joana Taborda |
7/25/2018 2:10:34 PM