New-home sales fall short of expectations

Pace slackens from May to June, but rises 15.1 percent from last year

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Sales of new single-family homes dropped 8.4 percent from May to June, but at a seasonally adjusted rate of 350,000 homes per year were up 15.1 percent from the same time last year, the Census Bureau reported today.

While the June numbers fell short of some analysts’ expectations, sales for the first half of the year are ahead of projections, and today’s report "was still fairly solid," according to Bill McBride of the blog Calculated Risk.