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Thursday, December 8, 2022
HomeNewsEconomyNew Home Sales Improve, But Supply Increases Starve Market

New Home Sales Improve, But Supply Increases Starve Market

A real estate sign advertises a home for sale in Vienna, Va. (Photo: Reuters)
A real estate sign advertising a new home for sale is pictured in Vienna, Virginia, outside of Washington, October 20, 2014. (Photo: Reuters)

A real estate sign advertising a new home for sale is pictured in Vienna, Virginia, outside of Washington, October 20, 2014. (Photo: Reuters)

The U.S. Census Bureau reported Wednesday that new home sales in the U.S. improved to a 610,000 annualized rate in June, but supply rose only slightly. That’s 0.8% (±12.1%) higher than the revised May rate of 605,000 and 9.1% (±14.4%) higher than the June 2016 estimate of 559,000.

The seasonally-adjusted estimate of new houses for sale at the end of June was 272,000. This represents a supply of 5.4 months at the current sales rate.

The median sales price of new houses sold in June 2017 was $310,800, while average sales price was $379,500.

Written by
Staff Writing Group

PPD Business, the economy-reporting arm of People's Pundit Daily, is "making sense of current events." We are a no-holds barred, news reporting pundit of, by, and for the people.

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