After ascending to the the highest level in more than seven years, sales of new residential properties turned lower last month. The decline was most pronounced in the West.
During the month of June, the seasonally adjusted annual rate of
new single-family home sales came in at 482,000.
That was according to a report jointly released Friday by the Census Bureau and the Department of Housing and Urban Development.
Activity slowed from the previous month, when the rate was 517,000. May’s rate was revised down from 546,000 originally reported — the strongest pace since
February 2008.
But new home sales picked up compared to June 2014, when the annual rate was 408,000.
Out front of last month’s decline was the West, where new home sales slowed 17 percent from May to 112,000.
In the Midwest, sales tumbled 11 percent to 56,000, while the South saw a four percent drop to 282,000.
Bucking the monthly trend was the Northeast, where new home sales soared 28 percent in June — though to just 32,000.
Of the 482,000 U.S.
total for last month, 168,000 were not started, 154,000 were under construction and 160,000 were completed properties.
The report indicated that there was a 5.4-month supply of new homes for sale in June, increasing 13 percent from a month earlier but off seven percent from a year earlier.
The median sales time was 4.0 months in the most-recent period, lengthening from 3.9 months in May and 3.4 months in June 2014.
