New Home Sales Down in June Jul 28, 2008

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Sales of newly built single-family homes dipped slightly in June from an upwardly revised pace in the previous month, the U.S. Commerce Department reported. A 0.6% decline brought the seasonally adjusted annual rate of new-home sales to 530,000 units for June.

Commerce's report indicated that the inventory of new homes for sale eased down 5.3% in June to 426,000 units. This represented a 10-month supply at the current sales pace, compared to a 10.4-month supply in May.

Regionally, sales activity was mixed in June, with the Northeast and Midwest posting gains of 5.3% and 2.5%, respectively, and the South and West posting declines of 2% and 0.9%, respectively. Every region registered declines in the number of new homes for sale.

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