US new-home sales fall to 350K, 5-month low

By Qiong (June) Zhang44 Comments

Americans bought fewer new homes in June after sales jumped to a two-year high in May. The steep decline suggests a weaker job market and slower growth could make the housing recovery uneven.

The Commerce Department said Wednesday that sales of new homes fell 8.4 percent last month from May to a seasonally adjusted annual rate of 350,000. That’s the biggest drop since February 2011.

The median price of a new home, however, fell 1.9 percent in June from May to $232,600.

Nationwide, sales in May and April were revised much higher. June’s sales pace is 15.1 percent higher than the same month last year.

Sales of previously occupied homes fell in June to their lowest level since October. But sales were up 4.5 percent from a year ago, evidence that a modest recovery is still under way.

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