Economic Buzz: US New Home Sales Plunge 8.1% In June

27 Jul 2022 , 09:03 AM

After reporting an unexpected rebound in U.S. new home sales in the previous month, the Commerce Department released a report showing new home sales pullback by more than expected in the month of June. The report said new home sales plunged by 8.1 percent to an annual rate of 590,000 in June after jumping by 6.3 percent to a revised rate of 642,000 in May. With the bigger than expected decrease, new home sales slumped to their lowest annual rate since hitting 582,000 in April 2020. The Commerce Department also said the median sales price of new houses sold in June was $402,400, down 9.5 percent from $444,500 in May but up 7.4 percent from $374,700 a year ago. The report also showed the estimate of new houses for sale jumped 2.2 percent to 457,000 at the end of June from 447,000 at the end of May. The unsold inventory represents 9.3 months of supply at the current sales rate.Powered by Commodity Insights