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Financial News: U.S. New Home Sales Rebound More Than Expected

U.S. New Home Sales Rebound More Than Expected In June

07/24/2019 - 10:32:00 (RTTNews)

(RTTNews) - New home sales in the U.S. showed a substantial rebound in the month of June, according to a report released by the Commerce Department on Wednesday.

The Commerce Department said new home sales spiked by 7.0 percent to an annual rate of 646,000 in June after plunging by 8.2 percent to a revised rate of 604,000 in May.

Economists had expected new home sales to jump by 5.4 percent to a rate of 660,000 from the 626,000 originally reported for the previous month.

The bigger than expected rebound was largely due to a significant turnaround in new home sales in the West, which surged up by 50.4 percent to a rate of 185,000 in June after plummeting by 38.5 percent to a rate of 123,000 in May.

The report also said new home sales in the South edged up by 0.3 percent to a rate of 382,000, while new home sales in the Midwest tumbled by 26.3 percent to a rate of 56,000 and new home sales in the Northeast fell by 4.2 percent to a rate of 23,000.

The Commerce Department said the median sales price of new houses sold in June was $310,400, up 2.3 percent from $303,500 in May but down slightly from $310,500 in the same month a year ago.

The estimate of new houses for sale at the end of June was 338,000, representing 6.3 months of supply at the current sales rate.

On Tuesday, the National Association of Realtors released a separate report showing U.S. existing home sales pulled back by much more than anticipated in the month of June.

NAR said existing home sales tumbled by 1.7 percent to annual rate of 5.27 million in June after soaring by 2.9 percent to an upwardly revised rate of 5.36 million in May.

Economists had expected existing home sales to edge down by 0.2 percent to a rate of 5.33 million from the 5.34 million originally reported for the previous month.

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