June New Home Sales Beat Analyst Expectations
Sales of new single-family houses in June 2010 rose to a seasonally adjusted annual rate of 330,000, up from historic lows in May, according to the US Census Bureau and the US Department of Housing and Urban Development. The growth beat analyst expectations of 310,000 units in June after the rate plummeted to 300,000 in May. The June rate fell toward the larger end of economists' consensus range of 280,000 to 350,000 units. Since the May report, the Census Bureau and HUD revised that rate further to 267,000. The June rate of new home sales grew 23.6% over the revised May rate, but is 16.7% below the year-ago levels. The median sales price of new houses sold in June was $213,400, while the average sales price was $242,900, according to the June report (download here). The seasonally adjusted estimate of 210,000 new homes for sale at the end of June marks 7.6 months of supply at the current sales rate. The uptick in the sales rate shaved the months of supply from 8.5 months in May. The rate is still several months above 5.8 in April. Write to Diana Golobay.