New Home Sales Miss Expectations In June Despite Lower Prices

The Census Bureau reported new home sales for June at a seasonally adjusted annual rate of 631,000. This was below expectations, and a 5.3 percent decline from May. The previous three months were also revised lower. Compared to last June, new home sales were up a modest 2.4%. Surprisingly, the decline in new construction sales came despite lower median and average prices for new homes in June. The median price of $302,100 was $13,100 less than last year. The average price of $363,300 was $7300 lower. It would appear that new home buyers are suffering [...]