Sales of new single-family houses in June were at a seasonally adjusted annual rate of 1.13 million, down 3 percent from the previous month and down 11 percent from a year ago, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development.
The median sales price of new houses sold in June was $231,300, down from $235,300 in May, the report found.
The seasonally adjusted estimate of new houses for sale at the end of June was 566,000, which represents a supply of 6.1 months at the current sales rate. A supply greater than six months is typically considered to be indicative of a buyer’s market while a supply less than six months indicates a seller’s market.
Changes in seasonally adjusted statistics often show irregular movement. It takes six months to establish a trend for new houses sold. Preliminary new-home sales figures are subject to revision due to the survey methodology and definitions used. The survey is primarily based on a sample of houses selected from building permits. Since a “sale” is defined as a deposit taken or sales agreement signed, this can occur prior to a permit being issued. An estimate of these prior sales is included in the sales figure. On average, the preliminary seasonally adjusted estimate of total sales is revised about 3 percent, according to the announcement.