New Home Sales Down 8.1% in June
This morning's release of the June New Home Sales from the Census Bureau came in at 590K, down 8.1% month-over-month from a revised 642K in May. The Investing.com forecast was for 660K. The median home price is now at $402K.
Here is the opening from the report:
New Home Sales
Sales of new single‐family houses in June 2022 were at a seasonally adjusted annual rate of 590,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 8.1 percent (±15.0 percent)* below the revised May rate of 642,000 and is 17.4 percent (±11.6 percent) below the June 2021 estimate of 714,000.
The median sales price of new houses sold in June 2022 was $402,400. The average sales price was $456,800. [Full Report]
For a longer-term perspective, here is a snapshot of the data series, which is produced in conjunction with the Department of Housing and Urban Development. The data since January 1963 is available in the St. Louis Fed's FRED repository here. We've included a six-month moving average to highlight the trend in this highly volatile series.
Over this time frame, we see the steady rise in new home sales following the 1990 recession and the acceleration in sales during the real estate bubble that peaked in 2005. Since 2011, we have seen a similar rise that has only recently retracted. We shall see if this retraction continues or is simply temporary.