New single-family home sales rebounded to a seasonally adjusted annual rate of 592,000 in June, according to a joint release of New Residential Sales data by the Census Bureau and the Department of Housing and Urban Development Tuesday morning. This is a 3.5% hike from the upwardly-revised May rate of 572,000, and is 25.4% above June 2015, when the estimate was 472,000.
Following the trend seen over the past 12 months, home shoppers in the South are still the most active group, as 321,000 of the total sales were made in the region. All regions posted year-over-year growth above 20%, with the the Midwest posting the largest gain of 44.1% with 85,000 closings this June compared to 59,000 a year prior. Month-over-month, sales in the Northeast were down -5.6% (although the region posted a significant year-over-year gain of 30.8%), and the South posted posted a marginal decline of -0.3%.
Not seasonally adjusted, the median sales price for new homes sold in June increased to $306,700, a 6.19% gain from the downwardly-revised $288,800 in May. Based on the current sales pace, home supply at the end of June stood at about 4.5 months.
As seen the past 12 months, new homes priced between $200,000 and $299,999 were the most popular segment in the market, as 18,000, of the total homes closed in June fell in that price range. Close behind were sales of new homes priced between $300,000 and $399,999 (11,000 sales), and new homes priced between $400,000 and $499,999 (10,000 sales).
Read the full release from the Census Bureau here >>