New-Home Sales Up in June
There was more good news for the U.S. housing industry July 24 as the U.S. Census Bureau and the Department of Housing and Urban Development announced that sales of new single-family homes increased by 8.3% over the revised rate in May.
Overall, sales were at a seasonally adjusted annual rate of 497,000 units, compared with 459,000 in May and 360,000 in June 2012.
The government said the median sales price of a new house in June was $249,700, and the average sales price was $295,000. At the current sales rate, the seasonally adjusted estimate of new houses for sale at the end of June was 161,000, a 3.9-month supply.
The National Association of Home Builders said June’s sales increase was the fastest in the past five years and evidence that the “housing recovery is solidly on track.”
Regionally, the biggest gains came in the Northeast (18.5%), followed by the West (13.8%) and the South (10.9%). The Midwest showed a decline of 11.8%, NAHB said.