The number of new home sales in the US unexpectedly declined

Sales of newly built single-family homes in the US fell 0.6% from the previous month to a seasonally adjusted annual rate of 0.61 million7 thousand units in 2024/6, and rising prices and mortgage interest rates continued to put pressure on buyers' ability to buy homes.

This was a seven-month low, far below the forecast of 0.64 million units, and the May data was revised upward to 0.62 million1 thousand units.

Sales declined in the Northeast (-7.7% 0.01 million2 thousand units) and the Midwest (-6.9% 0.08 million1 thousand homes), but increased in the south (+0.37 million5 thousand households with 0.3%) and the west (+1.4% 0.14 million9 thousand households).

The median price of new homes sold during this period was 0.41 million7,300 dollars, and the average sales price was 0.48 million7,200 dollars, lower than the previous year's 0.41 million7,600 dollars and 0.5 million7,800 dollars, respectively.

Meanwhile, 476,000 new homes were put up for sale during this period, which is equivalent to approximately 9.3 months' supply at the latest sales rate.

Source: US Census Bureau