Sales of new single-family homes weakened in June as the seasonally adjusted annual sales rate fell to 834,000 units, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. Last month's sales rate is down approximately 6.6 percent from the revised May rate of 893,000 and is approximately 22.3 percent below the 1.07 million-unit rate a year ago. The median sales price of new houses sold in June was $237,900, a decrease of approximately 2.2 percent from $243,200 posted a year ago. The average sales price, however, rose to $316,200 last month, up nearly 3.7 percent from the year-ago average of $305,000. At the end of June, the seasonally adjusted estimate of new houses for sale was 537,000, which represents a supply of 7.8 months at the current sales rate. This compares to a supply of 565,000 new homes up for sale a year ago, which was a 6.4 months' supply. A supply greater than six months can be indicative of a bu...
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