New Home Sales Decline in June

Washington, DC, July 25, 2012 -- New single-family home sales in June fell 8.4% from May, according to the Commerce Department.

However, compared to June last year, new home sales were up 15.1%.

The government said on Wednesday that sales declined to a seasonally adjusted 350,000-unit annual rate, the lowest rate in five months.

The percent decline was the largest since February 2011.

However, May's sales pace was revised to up to 382,000 units from the previously reported 369,000 units.

Last month, the median price of a new home fell 3.2% from a year ago.

The inventory of new homes on the market increased 0.7% to 144,000 in June, but remained near record lows.


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