June New Home Sales Decline 6.6%

In May, the U.S. Census Bureau and Department of Housing and Urban Development reported that the seasonally adjusted annual sales of newly constructed homes had fallen below 800,000 units for the first time in a year, to 769,000 units. In June things only got worse. The report from the two agencies today lowered the May rate to 724,000 and estimates June sales at 676,000 units. This is a 6.6 percent decline from the revised May figure and drops sales below those in June 2020 by 19.4 percent. Analysts had expected sales to improve. Those polled by Reuters, Econoday, and Trading Economics all had a consensus of 800,000 units. Trading Economics said this would have been a 3.5 percent monthly gain. The Mortgage Bankers Association (MBA), based on their survey of mortgage subsidiaries of major home...(read more)

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