U.S. new home sales drop to 14-month low in June
Source: Reuters
July 26, 2021
11:31 AM EDT
Last Updated 19 minutes ago
Business
U.S. new home sales drop to 14-month low in June
Lucia Mutikani
Summary
New home sales drop 6.6% in June; May revised down
Median house price rises 6.1% to $361,800 from year ago
WASHINGTON, July 26 (Reuters) - Sales of new U.S. single-family homes tumbled to a 14-month low in June and sales in the prior month were weaker than initially estimated, suggesting that expensive building materials and the resulting surge in prices for properties were restraining the housing market.
New home sales fell 6.6% to a seasonally adjusted annual rate of 676,000 units last month, the lowest level since April 2020, the Commerce Department said on Monday. May's sales pace was revised down to 724,000 units from the previously reported 769,000 units. Sales have now dropped for three straight months.
Economists polled by Reuters had forecast new home sales, which account for a small share of U.S. home sales, increasing 3% to rate of 800,000 units in June.
"Until builder costs and supply-chain problems become less of an impediment, it is hard to see new sales picking up significantly in the near term," said David Berson, chief economist at Nationwide in Columbus, Ohio.
{snip}
Read more: https://www.reuters.com/business/us-new-home-sales-fall-sharply-june-2021-07-26/
From the source:
https://www.census.gov/construction/nrs/index.html
New Residential Sales
https://www.census.gov/construction/nrs/pdf/newressales.pdf
= new reply since forum marked as read
