New home sales in US decreases by 0.6 percent last month
Date
7/25/2024 5:00:25 AM
(MENAFN) On Wednesday, the Census Bureau and the Department of housing and Urban Development released a report indicating that new home sales in the United States experienced a 0.6 percent decline in June compared to the previous month. The seasonally adjusted annual rate for new single-family home sales dropped to 617,000 units, marking the lowest level since November of the previous year. This decrease in sales reflects a slowing market for new homes.
The sales figures fell short of the projected estimate of 639,000 new homes for June. Additionally, the revised data for May showed that new home sales were higher than initially reported, with the figure adjusted from 619,000 to 621,000. Despite this revision, the month-over-month decline from May to June was substantial, at 14.9 percent.
Year-over-year comparisons also reveal a downward trend in the new home market. In June 2024, new home sales were 7.4 percent lower than in the same month of the previous year, when the sales figure was recorded at 666,000. This decline highlights ongoing challenges in the housing market amid fluctuating economic conditions and changing buyer demand.
In terms of pricing, the median sale price for new homes in June was USD417,300, while the average sales price was USD487,200. These figures illustrate the current pricing landscape for new homes, which continues to be a significant factor influencing market activity and buyer decisions.
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