New Home Sales Edge Down Slightly in June

WASHINGTON - New home sales were slightly lower in June after soaring to a record sales pace in May, the Commerce Department reported Tuesday.

The report notes that the June decline of 0.8 percent pushed sales of new single-family homes down to an annual rate of 1.33 million units. Despite the drop, June's sales were still the second-highest level on record, following the all-time high sales pace of 1.34 million set in May.

Regionally, the South was country's only area of the country to experience June new homes sales growth with sales climbing 9.6 percent from the May level to an annual rate of 696,000 units, a new record for that part of the country. Sales fell in all other regions.

The median sales price for a new home rose to $209,900 in June, up from a median price of $206,300 in May.

Sales fell the most in the Northeast, dropping by 14.2 percent to an annual rate of 91,000 units. Sales were down 13.1 percent in the West to an annual rate of 338,000 units and slipped by 2.9 percent in the Midwest to an annual rate of 201,000 units.

Total New Houses Sold During Period: 1,326,000
Percent change from last month: -0.8
Percent change from last year: +11.1

New Houses Sold During Period By Construction Stage-Survey:
Total sold: 118,000
Homes sold but not started: 50,000
Homes sold and under construction: 39,000
Homes sold and completed: 29,000

Houses Sold by Sales Price: % Distribution-Survey
Total: 118,000 100%
Under $100,000 6,000 5%
$100,000 - $124,999 11,000 9%
$125,000 - $149,999 14,000 12%
$150,000 - $199,999 26,000 22%
$200,000 - $249,999 18,000 15%
$250,000 - $299,999 12,000 10%
$300,000 and over 31,000 26%

(Percentages may not add up to 100 due to rounding)