July 26, 2011 (Chris Moore)
Sales of new single-family homes declined 1.0 percent from May to June at a seasonally adjusted rate of 312,000, the second straight month of declines, according to the latest data from the U.S. Census Bureau.
New single-family home sales had fallen to an all-time low of 279,000 in February and were followed by gains in March and April, but dipped again in May. Sales in June were still 1.6 percent higher than the estimated 307,000 units sold in June of 2010.
The median sales price of the new homes sold in June was $235,200, which was up from $222,000 in May. The average sales price in June was $269,000, which was also up from $266,400 in May.
Two of the four regions experienced a gain in new home sales from May to June, while three of the regions experienced year-over-year sales gains.
New single-family home sales in the South increased 3.4 percent, while in the Midwest, sales increased 9.5 percent from May to June. The West reported a sales decline of 12.7 percent, while sales in the Northeast dropped 15.8 percent.
In year-over-year sales, only the Northeast suffered a decline. The Midwest reported a sales increase of 2.2 percent, the South saw an increase of 4.6 percent and the West reported a 23.2 percent increase in new single-family home sales. Year-over-year new home sales in the Northeast declined 51.5 percent.
Inventory of new single-family homes remained relatively balanced by historic standards with a seasonally adjusted 164,000 homes available for sale, which translates into a 6.3 months supply of inventory.
Tags: Census Bureau, new home sales, single-family homes, median sales price, average sales price