The Commerce Department reported this morning (July 26) that sales of new single-family homes in June fell 6.6% to a seasonally adjusted annual rate of 834,000, a 22.3% drop from June 2006.
The numbers, which are issued by the U.S. Census Bureau and the Department of Housing and Urban Development, included downward revisions for May that brought the estimate of sales for the year down from 915,000 to 893,000. That estimate in April stood at 981,000.
The Commerce Department numbers continued to report increases in both the median and average price of new homes, with the former coming in at $237,900 and the latter at $316,200, up from $236,100 and $313,000, respectively, in May. Like the existing homes figures from the National Association of Realtors, the prices may have been skewed by a shift away from lower-priced homes due to the lack of entry-level subprime mortgage money.
The number of unsold homes in builders' inventory at the end of June was 537,000, a 12.9% jump from May and 21.9% above June, 2006. The months-supply number increased 5.4% to 7.8. The median months for sale increased to six, up from 5.7 in May and 3.6 in June, 2006 .
Regionally, seasonally adjusted new-home sales decreased in all regions but the South, which was up 7.6% from May. The Northeast was down 21.7%; the Midwest was down 17.1%, and the west was off 22.5%.