New Home Sales Drop Back
The annual rate of new home sales dropped to 350,000 from an elevated and revised upward May level of 382,000. The larger than expected drop still leaves the quarter-to-quarter change a positive 3.1%. The absolute level of inventories and the month’s supply both remain near historic lows of 4.9 months and 144,000 homes for sale. The number of homes completed and for sale fell to 41,000, the lowest level recorded since inception of the data in 1973.
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