Having ticked up a downwardly revised 6.3 percent in May, the seasonally adjusted pace of new single-family home sales in the U.S. dropped 8.3 percent in June to an annualized rate of 590,000 sales, which is effectively the same pace as in April of 2020 when the market came to a pandemic-driven halt and down 17.4 percent versus the same time last year.

At the same time, the number of new homes on the market ticked up another 2.2 percent in June to 457,000, which represents 32.1 percent more inventory than at the same time last year and the most new homes on the market since April of 2008, and the median sale price has dropped nearly 12 percent over the past two months alone, a trio of trends that shouldn’t catch any plugged-in readers by surprise.

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