Sales of new single-family houses in June dropped 5.3% to a seasonally adjusted annual rate of 631,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. The pace remained 2.4% above the June 2017 estimate of 616,000.
The median sales price of new houses sold in June 2018 was $302,100, down from $309,700 in May and $315,200 a year earlier. The average sales price was $363,300, down from $365,100 a month earlier and $370,600 last June.
The seasonally-adjusted estimate of new houses for sale at the end of June was 301,000. This represents a supply of 5.7 months at the current sales rate.
Said Freddie Mac Chief Economist Sam Khater, “New home sales for June came in well below expectations, highlighting the slight weakening the housing market has experienced so far this year. Not enough residential investment, and added pressures from the lack of new and existing inventory on the market, have contributed to this ongoing flattening of sales despite the robust economy.”
