New Residential Sales 4.5% Higher Year-Over-Year
New home sales came in at a seasonally adjusted annual rate of 646,000 in June, a gain of 7.0% (±15.2%). The U.S. Census Bureau and Department of Housing and Urban Development report on new residential sales was more moderate the forecast, but 4.5% (±21.8%) above the June 2018 estimate of 618,000.
| Prior | Revised | Consensus Forecast | Forecast Range | Result | |
| New Home Sales (SA) | 626 K | 604 K | 660 K | 635 K to 676 K | 646 K |
“Today’s report on new home sales, where June sales increased to 646,000 from 604,000 in May, is really a ‘bounce-back report’ after the 7.8% decline from April,” Tim Anderson, analyst at TJM Investments, said.
The rate for May was revised downward to 604,000.
The median sales price of new houses sold in June 2019 was $310,400. The average sales price was $368,600. The seasonally‐adjusted estimate of new houses for sale at the end of June was 338,000.
That’s a supply of 6.3 months at the current sales rate.
