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No Joy in New Home News

Friday, July 24, 2015

The report this morning on June new home sales blunted much of the optimism generated by yesterday's news about existing home sales.  The Census Bureau and the Department of Housing and Urban Development jointly reported that new home sales fell by 6.8 percent month-over-month to a seasonally adjusted annual rate of 482,000 units. 

Further, May sales, originally reported as rising 2.2 percent from the previous month to a rate of 546,000 units were revised down to 517,000, lower than April's number which was also lowered by 11,000 from an earlier revised number.  While June sales were 18.1 percent above those a year earlier they represented the slowest pace for new home sales since last November.


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