Newly built U.S. home sales fall in June
Sales of newly built homes in the U.S. fell in June, as demand cooled after a jump the previous month.
The number is seasonally adjusted and refers to how many homes would be built over an entire year if builders continued at the same pace every month. The data from May was revised significantly. New-home sales were a revised 715,000 in May, compared with the initial estimate of a 12.2% increase to 763,000.Key details: The median sales price of a new home sold in June fell to $415,400, from $416,300 the month before.
A lack of previously owned homes for sale has pushed many home buyers into the new-home market, but high mortgage rates may dampen demand. The 30-year rate was averaging 7% ahead of the U.S. Federal Reserve’s meeting Wednesday morning, with the market broadly expecting another increase in the central bank’s benchmark interest rate.
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