Luxury Connect
Meet the Luxury Leaders | October 19-20 | Beverly Hills

Sales of new single-family houses fell in June, expanding the months' supply of homes on the market, according to data released by the U.S. Census Bureau today.Single-family home sales fell 8.1 percent from May to June to a seasonally adjusted annual rate 406,000, and were down 11.5 percent compared to the same time last year, the Census Bureau said.The seasonally adjusted estimate of new houses for sale rose 3.1 percent from May to June to 197,000. That represents a supply of 5.8 months at June's sales pace, the highest level since October 2011.The numbers also show that new-home inventory has grown substantially from last year, with the amount of new homes for sale posting a 23.1 percent annual gain in June.In a separate survey, Freddie Mac reported that mortgage rate...