US new home sales drop in June(Read article summary)
New home sales in the US fell 8.1 percent in June, signaling that real estate is still a weak spot in the US economy. June US new home sales are also 11.5 percent below June 2013 levels.
Today, the US Census Department released its monthly New Residential Home Sales Report for June showing a notable decline with sales declining 8.1 percent from May falling 11.5 percent below the level seen in June 2013 remaining near an historically low level with 406K SAAR units.
The monthly supply increased to 5.8 months while the median selling price increased 5.27 percent and the average selling price increased 8.27 percent from the year ago level.
The following chart show the extent of sales decline to date (click for full-larger version).