Census Bureau Sees New Home Sales Rise in June
The rate of new single-family homes sold in June increased a seasonally adjusted 11% from May 2009 while median prices slipped 6.9%. According to estimates released by the US Census Bureau and the Department of Housing and Urban Development, new homes sold at a seasonally adjusted annual rate of 384,000 units. June's rate is 11% above May’s estimated rate of 346,000 units and is up 21.3% from the June 2008 estimate of 488,000. The median price for homes sold in June was $206,200, down from $221,600 in May and from $230,900 in the year-ago month. At the same time, June's average sales price was $276,900, up slightly from $274,300 in May but well below the year-ago average of $298,600. Nearly 28% of new homes sold in June were under construction at the time of sale, while construction had yet to begin on an additional 28%. The remaining homes sold in the month were already complete. There were an estimated 281,000 new homes for sale at the end of June, an 8.8-month supply at the current rate. Write to Austin Kilgore.