New Home Sales in U.S. Drop 6.8 Percent in June, a 7-Month Low
According to HUD and the U.S. Census Bureau, sales of newly built, single-family homes in the U.S. dropped 6.8 percent to a seasonally adjusted annual rate of 482,000 units in June 2015.
"Despite this month's drop, we continue to hear from our builders that there is solid traffic in sales offices and a lot of consumer interest in new homes, which should bode well for sales moving forward," said Tom Woods, chairman of the National Association of Home Builders (NAHB) and a home builder from Blue Springs, Mo.
"We knew that there would be ups and downs on the road back to a normal housing market," said NAHB Senior Economist Robert Denk. "As the economy and job growth strengthens, we expect to see gradual, continued momentum in the coming months."
Regionally, home sales rose by 28.0 percent in the Northeast. The Midwest, South and West posted respective declines of 11.1 percent, 4.1 percent, and 17.0 percent.
The inventory of new homes for sale was 215,000 units in June. This is a 5.4-month supply at the current sales pace.