Market Updates
New Home Sales In June Confirm Declining Trend
Brian Turner
24 Jul, 2024
Washington, D.C.
Sales of new single-family houses in June declined 0.6% from the previous month to a seasonally adjusted annual rate of 617,000, according to the U.S. Census Bureau and Department of Housing and Urban Development.
The high home prices, elevated mortgage rates, and higher base for property tax continue to weigh on buyers' affordability.
The annual rate declined to the lowest in the last seven months, and May house sales data were revised higher to an annual pace of 621,000.
The median sales price of new houses sold in June was $417,300, the highest since March, while the average sales price was $487,200, the lowest since January 2023.
Sales in the Northeast declined 7.7% to 12,000 and in the Midwest fell 6.9% to 81,000; however, sales rose 1.4% to 149,000 and edged up 0.3% to 375,000.
Homes are taking longer to sell, and the available home supply at the end of June increased to 9.3 months at the current sales rate.
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