New-home sales slid 6.6% on a seasonally adjusted, monthly basis to 676,000 in June, while the median sales price slid to $361,800 from $380,700 in May, the U.S. Census Bureau and the Department of Housing and Urban Development reported.
Annually, new-home sales were up 19.4%, according to a press release.
The seasonally adjusted estimate of new houses for sale at the end of May was 353,000, representing a supply of 6.3 months at the current sales rate.
By region, the number of new homes sold in the Northeast plunged 27.9% month over month to 31,000 on an adjusted basis, while they were down 7.8% in the South at 367,000, down 5.1% in the West at 186,000 and up by 5.7% in the Midwest, at 92,000.
The Herald is reporting that the Bay State housing market took another big hit last month, as single-family home sales fell 18 percent and condo sales dropped by 17 percent.
Once again, last year’s federal home-buying credit is blamed for distorting the stats, making last year look better than it really was.
Some decent news: Condo prices increased by about 5 percent over last year. Not that higher prices are good per se. Instead, it signals prices may be stabilizing.
Filed under: Home Improvements, not really