{"id":2927,"date":"2023-07-27T00:25:15","date_gmt":"2023-07-27T00:25:15","guid":{"rendered":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/2023\/07\/27\/sales-of-newly-built-homes-lose-some-momentum-in-june\/"},"modified":"2023-07-27T00:25:15","modified_gmt":"2023-07-27T00:25:15","slug":"sales-of-newly-built-homes-lose-some-momentum-in-june","status":"publish","type":"post","link":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/2023\/07\/27\/sales-of-newly-built-homes-lose-some-momentum-in-june\/","title":{"rendered":"Sales of Newly Built Homes Lose Some Momentum in June"},"content":{"rendered":"

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Chris Delmas \/ Agence France-Press \/ Getty Images<\/p>\n

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The numbers:<\/strong> Sales of newly built homes in the U.S. fell in June, as demand cooled after a jump the previous month.<\/p>\n

U.S. new-home sales fell 2.5% to an annual rate of 697,000 in June, from a revised 715,000 in the prior month, the Commerce Department reported Wednesday.<\/p>\n

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.<\/p>\n

Sales fell further than what Wall Street was expecting. Economists had forecast new-home sales to total 725,000 in June.<\/p>\n

The fall in home sales was led by a sharp drop in the Midwest.<\/p>\n

Overall, new-home sales have been higher because home builders are among the few players offering inventory for home buyers.<\/p>\n

The data from May was revised significantly. New-home sales were a revised 715,000 in May, compared with the\u00a0initial estimate of a 12.2% increase to 763,000<\/a>.<\/p>\n

The new-home sales data are volatile month over month and are often revised.<\/p>\n

Key details:<\/strong>\u00a0The median sales price of a new home sold in June fell to $415,400, from $416,300 the month before.<\/p>\n

New homes have become cheaper over the past few months, getting closer to the median price of an existing home. In June, the\u00a0median price of an existing home was $410,200,\u00a0<\/a>according to the National Association of Realtors.<\/p>\n

The supply of new homes for sale fell 2.8% between May and June, equating to a 7.4-month supply.<\/p>\n

Regionally, the Northeast led the nation in new-home sales, posting an increase of 21%, but the overall number was dragged down by big drops in the Midwest and West.<\/p>\n

Overall, sales of new homes are up 24% compared with last year.<\/p>\n

Big picture:<\/strong>\u00a0New-home sales have softened after a stellar increase the previous month.<\/p>\n

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\u2019s meeting Wednesday morning, with the market broadly expecting another increase in the central bank\u2019s benchmark interest rate.<\/p>\n

To keep buyers interested despite high rates and worsening affordability, home builders are continuing to offer incentives.<\/p>\n

What are they saying?<\/strong> \u201cThe May spike in new home sales mostly disappeared, and the June tally settled back modestly,\u201d Stephen Stanley, chief U.S. economist at Santander U.S. Capital Markets, wrote in a note.<\/p>\n

Market reaction:<\/strong> Stocks were down in early trading on Wednesday. The yield on the 10-year Treasury note fell below 3.9%. Shares of builders, including D.R. Horton Inc., Lennar Corp., PulteGroup Inc. and Toll Brothers Inc., were up in the morning trading session.<\/p>\n

The post Sales of Newly Built Homes Lose Some Momentum in June<\/a> appeared first on Real Estate News & Insights | realtor.com\u00ae<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

Chris Delmas \/ Agence France-Press \/ Getty Images The numbers: Sales of newly built homes in the U.S. fell in June, as demand cooled after a jump the previous month. U.S. new-home sales fell 2.5% to an annual rate of 697,000 in June, from a revised 715,000 in the prior month, the Commerce Department reported…Read More→<\/a><\/p>\n","protected":false},"author":0,"featured_media":2928,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-2927","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"_links":{"self":[{"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/posts\/2927","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/comments?post=2927"}],"version-history":[{"count":0,"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/posts\/2927\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/media\/2928"}],"wp:attachment":[{"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/media?parent=2927"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/categories?post=2927"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/tags?post=2927"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}