New Home Sales Up 15.1 Percent From June 2011

Estimates released by the U.S. Census Bureau and the Department of Housing and Urban Development show sales of new single-family houses were at a seasonally adjusted annual rate of 350,000 in June, which is 15.1 percent above last year’s rate of 304,000. But, despite the year-over-year gains, June sales were 8.4 percent below an upwardly revised May rate of 382,000. So far this year, new home sales have been higher than expected and most monthly estimates have been revised upward after their initial release. The median sales price of new homes sold in June was $232,600; the average sales price was $273,900. Also, the seasonally adjusted estimate of new houses for sale at the end of the month was 144,000, which represents a 4.9-month supply at the current sales rate. More here and here.

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