Sales of new single-family homes in June 2008 were at a seasonally adjusted annual rate of 530,000, according to the Commerce Department. This is 0.6 percent below the revised May rate of 533,000 and is 33.2 percent below the June 2007 estimate of 793,000.

The median sales price of new homes sold in June was $230,900; the average sales price was $298,600. The seasonally adjusted estimate of new houses for sale at the end of June was 426,000, which represents a 10-month supply of new homes.

Using numbers that are not seasonally adjusted, 49,000 new single family homes were sold in June, with the bulk of the sales ?EUR??,,????'??? 27,000 ?EUR??,,????'??? occurring in the South. The West saw 10,000 new homes sold, followed by 8,000 in the Midwest and 4,000 in the Northeast. By comparison, 73,000 new homes were sold In June 2007.

Sales of existing homes were also down in June. Existing-home sales ?EUR??,,????'??? including single-family, townhomes, condominiums and co-ops ?EUR??,,????'??? fell 2.6 percent to a seasonally adjusted annual rate of 4.86 million units in June from a pace of 4.99 million in May, and are 15.5 percent lower than the 5.75 million-unit rate in June 2007, according to a report by the National Association of Realtors.

Single-family home sales declined 3.2 percent to a seasonally adjusted annual rate of 4.27 million in June from 4.41 million in May, and are 14.8 percent below the 5.01 million-unit pace in June 2007. The median existing single-family home price was $213,800 in June, which is down 6.7 percent from a year ago.

Existing condominium and co-op sales rose 1.7 percent to a seasonally adjusted annual rate of 590,000 units in June from 580,000 in May, but are 19.7 percent below the 735,000-unit level a year ago. The median existing condo price was $224,200 in June, which is 2.2 percent lower than June 2007.

Total housing inventory at the end of June rose 0.2 percent to 4.49 million existing homes available for sale, which represents an 11.1.-month supply at the current sales pace, up from a 10.8-month supply in May.

The national median existing-home price for all housing types was $215,100 in June, down 6.1 percent from a year ago when the median was $229,000.

One factor leading to the glut of houses on the market is an increasing foreclosure rate. RealtyTrac, an online marketplace for foreclosure properties, has released its Q2 2008 U.S. Foreclosure Market Report?EUR??,,????<

“Although much of the fallout from foreclosures is being driven by rampant activity in a few states, such as Nevada, California, Florida, Ohio, Arizona and Michigan, most areas of the country are seeing at least some increase in foreclosure activity,” said James J. Saccacio, chief executive officer of RealtyTrac. “Forty-eight of 50 states and 95 out of the nation’s 100 largest metro areas experienced year-over-year increases in foreclosure activity in the second quarter.

Nevada, California and Arizona posted the top state foreclosure rates. One in every 43 Nevada households received a foreclosure filing during the second quarter, the highest foreclosure rate among the states and nearly four times the national average. Foreclosure filings were reported on 202,599 California properties during the second quarter, the highest total among the states and a rate of one in every 65 households. With one in every 70 households receiving a foreclosure filing, Arizona posted the nation’s third highest state foreclosure rate in the second quarter.