New home sales declined 8.4% to 350,000 units in June, down from a revised rate of 382,000 the previous month, according to a new report from the U.S. Census Bureau and the Department of Housing and Urban Development.
The news is somewhat disappointing for a real estate market that has been battling macroeconomic headwinds while still managing to gain from low interest rates and a robust inventory of affordable homes.
Over last year, the housing market still looks more robust. New home sales in June were up 15.1% from the year ago estimate of 304,000. At the moment, the market is seeing a 4.9-month supply of homes at its current sales rate.
The median sales price in June hit $232,000, while the average price hovered at $273,900.