New Home Sales Rise 9.1 Percent In June
The Census Bureau estimated new home sales for June at a seasonally adjusted annual rate of 610,000. This was close to expectations, but the previous three months were revised lower. Median price of a new home contracted in June was estimated at $310,800, roughly $10,800 lower than June of last year. The average price of a new home in June was $379,500. This was $15,200 higher than a year ago. With prices now at or above the previous cycle peak, new home builders will have to be creative to maintain sales volume growth. A favorable [...]