Having dropped a downwardly revised 8.2 percent in May, the pace of new single-family home sales in the U.S. rebounded 7.0 percent in June to a seasonally adjusted rate of 646,000 sales, which is 4.5 percent above the pace of sales at the same time last year.

At the same time, the median sale price of those homes which sold last month ticked up 2.3 percent to $310,400, which is unchanged versus the same time last year, while the inventory of new single-family homes for sale across the county inched up 0.6 percent to 338,000, which is 9.4 percent higher than at the same time last year and represents 6.3 months of supply versus 6.0 months of supply at the same time last year.

And out West, the seasonally adjusted pace of new single-family home sales totaled 185,000 in June, which was 50.4 percent above its mark in May and 19.4 percent higher on a year-over-year basis with 4.9 percent more new homes now on the market (85,000) than at the same time last year (81,000).

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