New-Home Sales Edge Down in June

Sales of newly built single-family homes dipped slightly in June from an upwardly revised pace in the previous month, the Commerce Department reported this week. A 0.6 percent decline brought the seasonally adjusted annual rate of new-home sales to 530,000 units for June.

The recent report indicated that the inventory of new homes for sale eased down 5.3 percent in June to 426,000 units. This represented a 10-month supply at the current sales pace, compared to a 10.4-month supply in May.

Regionally, sales activity was mixed in June, with the Northeast and Midwest posting gains of 5.3 percent and 2.5 percent, respectively, and the South and West posting declines of 2 percent and 0.9 percent, respectively. Every region registered declines in the number of new homes for sale.

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