Pace of New Home Sales in the U.S. Rebounded in JuneJuly 24, 2020
The seasonally adjusted pace of new single-family home sales in the U.S. rebounded from the pandemic-driven hits the market took in March and April (at which point the annualized pace was down 14.0 percent versus the same time last year) and climbed to an annualized rate of 776,000 sales in June, which was up 6.9 percent on a year-over-year basis and the highest pace in 13 years.
At the same time, the median price of the homes which sold last month jumped 6.1 percent in June to $329,200 and was up 5.6 percent on year-over-year basis, driven by an increase in the share of higher-end sales, while the inventory of new single-family homes for sale across the county ticked down 1.3 percent to 307,000 homes (which is 7.0 percent fewer than at the same last year).
And out west, while the seasonally adjusted pace of new single-family home sales has rebounded from an April nadir as well, and was 4.1 percent higher on a year-over-year basis in June, it’s still down 19.4 percent from its mark in January of this year.
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