Sales of new homes in the United States in June decreased by 2.5% compared to the previous month and amounted to 697 thousand in terms of annualized rate, the Ministry of Commerce reported.
According to the revised data, 715 thousand homes were sold in May this year, not 763 thousand, as previously reported.
At the same time, analysts on average expected a 5% decline in sales last month from the previously announced May level – to 725 thousand, according to Trading Economics.
Sales of new homes in June increased by 23.8% compared to the same month a year earlier.
The median price of a new home in the United States last month was $415.4 thousand, compared to $417.3 thousand in May and $432.7 thousand in June 2022.
The number of new buildings for sale at the end of June amounted to 432 thousand compared to 429 thousand a month earlier. At the current rate of sales, it would take 7.4 months to sell all new buildings in the United States, compared to 7.2 months in May. Experts traditionally believe that a six-month supply indicates a balanced market.
New real estate accounts for about 10% of the US housing market, but sales of new homes are registered immediately after the signing of the contract, which makes them a more relevant indicator of the market.
