US new-home sales fall 5.3% in June
Chase Chief Economist Anthony Chan on the state of the U.S. economy.
WASHINGTON (AP) — Sales of new U.S. homes fell 5.3 percent in June, despite a tight housing market where buyers far outnumber sellers.
The Commerce Department says newly built homes sold at a seasonally adjusted annual rate of 631,000 last month, less than May's revised figure of 666,000. New-home sales have risen 6.9 percent so far this year.
Regionally, the Northeast saw a 36.8 percent gain in the number of new houses sold, while the South, Midwest and West all saw declines. The Midwest recorded the biggest drop, with new home sales falling 13. 4 percent last month.
The median sales price has fallen 4.2 percent from a year ago to $302,100.
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