New Home Sales Off 6.6% in June

Washington, DC, July 26, 2007—New Home sales in June fell 6.6 percent to an annual pace of 834,000, according to the Commerce Department said today in Washington.

Economists were expecting a decline to an annual pace of 890,000.

Sales of new homes were down 22% from the same time last year. The median price of a new home fell 2.2% to $237,900 last month from $243,200 a year earlier, the report showed. Purchases approached the seven-year low of 830,000 reached in March.

Inventories of unsold homes were unchanged at 537,000. The median sales price was $237,900, down 2.2% compared with June 2006.