{"id":40777,"date":"2023-07-26T13:24:44","date_gmt":"2023-07-26T17:24:44","guid":{"rendered":"https:\/\/ifintechworld.com\/news\/sales-of-newly-built-homes-lose-some-momentum-in-june\/"},"modified":"2023-07-26T13:24:46","modified_gmt":"2023-07-26T17:24:46","slug":"sales-of-newly-built-homes-lose-some-momentum-in-june","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=40777","title":{"rendered":"Sales of newly built homes lose some momentum in June"},"content":{"rendered":"
\n

The numbers: <\/strong><\/strong>Sales of newly built homes in the U.S. fell in June, as demand cooled after a jump the previous month.<\/p>\n

U.S. new-home sales fell 2.5% to an annual rate of 697,000 in June, from a revised 715,000 in the prior month, the Commerce Department reported Wednesday.\u00a0<\/p>\n

The number is seasonally adjusted and refers to how many homes would be built over an entire year if builders continued at the same pace every month.<\/p>\n

\n

Sales fell further than what Wall Street was expecting. Economists had forecast new-home sales to total 725,000 in June.<\/p>\n

The fall in home sales was led by a sharp drop in the Midwest.\u00a0<\/p>\n

Overall, new-home sales have been higher because home builders are among the few players offering inventory for home buyers.\u00a0<\/p>\n

The data from May was revised significantly. New-home sales were a revised 715,000 in May, compared with the initial estimate of a 12.2% increase to 763,000.<\/p>\n

The new-home sales data are volatile month over month and are often revised.<\/p>\n

Key details:<\/strong> The median sales price of a new home sold in June fell to $415,400, from $416,300 the month before.\u00a0<\/p>\n

New homes have become cheaper over the past few months, getting closer to the median price of an existing home. In June, the median price of an existing home was $410,200, according to the National Association of Realtors.<\/p>\n

The supply of new homes for sale fell 2.8% between May and June, equating to a 7.4-month supply.\u00a0<\/p>\n

Regionally, the Northeast led the nation in new-home sales, posting an increase of 21%, but the overall number was dragged down by big drops in the Midwest and West.\u00a0<\/p>\n

Overall, sales of new homes are up 24% compared with last year.<\/p>\n

Big picture:<\/strong> New-home sales have softened after a stellar increase the previous month.<\/p>\n

A lack of previously owned homes for sale has pushed many home buyers into the new-home market, but high mortgage rates may dampen demand. The 30-year rate was averaging 7% ahead of the U.S. Federal Reserve\u2019s meeting Wednesday morning, with the market broadly expecting another increase in the central bank\u2019s benchmark interest rate.<\/p>\n

To keep buyers interested despite high rates and worsening affordability, home builders are continuing to offer incentives.<\/p>\n

What are they saying? <\/strong>\u201cThe May spike in new home sales mostly disappeared, and the June tally settled back modestly,\u201d Stephen Stanley, chief U.S. economist at Santander U.S. Capital Markets, wrote in a note.\u00a0<\/p>\n

Market reaction: <\/strong>Stocks
\n DJIA,
\n -0.00%<\/bg-quote><\/p>\n

SPX,
\n -0.26%<\/bg-quote>
\n were down in early trading on Wednesday. The yield on the 10-year Treasury note
\n TMUBMUSD10Y,
\n 3.888%<\/bg-quote>
\n fell below 3.9%. Shares of builders, including D.R. Horton Inc.
\n DHI,
\n -2.32%<\/bg-quote>,<\/span>
\n Lennar Corp.
\n LEN,
\n -1.03%<\/bg-quote>,<\/span>
\n PulteGroup Inc.
\n PHM,
\n +0.31%<\/bg-quote>
\n and Toll Brothers Inc.
\n TOL,
\n -0.98%<\/bg-quote>,<\/span>
\n were up in the morning trading session.<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The numbers: Sales of newly built homes in the U.S. fell in June, as demand cooled after a jump the previous month. U.S. new-home sales fell 2.5% to an annual rate of 697,000 in June, from a revised 715,000 in the prior month, the Commerce Department reported Wednesday.\u00a0 The number is seasonally adjusted and refers […]<\/p>\n","protected":false},"author":1,"featured_media":40778,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[236],"tags":[83],"class_list":["post-40777","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-news","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nSales of newly built homes lose some momentum in June | iFintechWorld<\/title>\n<meta name=\"description\" content=\"The numbers: Sales of newly built homes in the U.S. fell in June, as demand cooled after a jump the previous month. 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