Having gained an upwardly revised 4.9 percent in May, the seasonally adjusted rate of new single-family home sales in the U.S. inched up another 0.8 percent in June to an annual rate of 610,000 sales and is running 9.1 percent above the pace of sales at the same time last year.
That being said, last month’s pace remains 5.9 percent below the long-term average for this time of the year (648,000) and 52.1 percent below the record-high pace in May of 1,274,000 sales which was set in 2005.
At the same time, the number of new single-family homes for sale across the county ticked up another 1.1 percent to 272,000, which is the most available inventory since July of 2009 and 11.9 percent higher versus the same time last year.
In the West, the pace of new single-family home sales jumped another 12.5 percent in June to 180,000 annual sales, which is 33.3 percent higher versus the same time last year.
Keep in mind that reported contract signings for new construction units in San Francisco were 66 percent higher on a year-over-year basis in June but 19 percent lower over the past 12 months versus the 12 months before with an average of 46 percent more inventory from which to choose.