Having rebounded a downwardly revised 3.9 percent in May, the seasonally adjusted pace of new single-family home sales in the U.S. dropped 5.3 percent in June to an annual pace of 631,000 sales, which is 2.5 percent below the long-term average for this time of the year but remains 2.4 percent higher versus 2017.

At the same time, the number of new single-family homes for sale across the county inched up from 296,000 to 301,000, which is a nine-year high.

And having dropped 8.7 percent in May, the annual pace of new single-family home sales in the West dropped another 5.2 percent in June to 147,000 transactions and is now running 15.0 percent below its pace at the same time last year.

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