June New Home Sales Set Record

WASHINGTON D.C. ?EUR??,,????'??+ New single-family home sales rose to a record rate in June according to a report released Wednesday by the Commerce Department.

Sales of newly built single-family homes totaled 1.374 million units in June, a rate that is four percent higher than the upwardly revised sales pace set in May, and 14 percent above the June sales pace of a year ago.

?EUR??,,????'??Builders expected June numbers to be very strong,?EUR??,,????'?? said David Wilson president of the National Association of Home Builders (NAHB) ?EUR??,,????'??We survey single-family builders regularly, and they indicated that they were solidly optimistic about July.?EUR??,,????'??

All four regions across the country posted a higher home sales pace in June from the month before. The Northeast posted a 7.2 percent increase, sales in the Midwest were up 2.1 percent, sales in the South increased 5.1 percent, and sales in the West nudged up 2.8 percent.

?EUR??,,????'??The housing market turned in another solid performance throughout the second quarter, showing the strength of demand,?EUR??,,????'?? said NAHB Chief Economist David Seiders. ?EUR??,,????'??A strong economy and favorable market fundamentals, including a low and stable mortgage rate structure, growing employment and increases in household income, are driving the market.?EUR??,,????'??

According to the NAHB, the median price for new homes sold in June was $214,800, down from $227,400 in May.

Total New Houses Sold During Period: 1,374,000

• Percent change from last month: 4.0
• Percent change from last year: 14.0

New Houses Sold During Period By Construction Stage?EUR??,,????'??+Survey:

• Total sold: 122,000
• Homes sold but not started: 49,000
• Homes sold and under construction: 41,000
• Homes sold and completed: 32,000

Percentages may not add up to 100 due to rounding