New Home Sales Slow

Fresh data from the Feds provide additional evidence the U.S. housing market is cooling.

Sales of new single-family homes were at a seasonally adjusted annual rate of 1.131 million in June, 3% below May's revised rate of 1.166 million and 11.1% below June 2005's rate of 1.272 million, the U.S. Commerce Department and the U.S. Department of Housing and Urban Development reported on July 27.

The median and average prices of homes sold in June were down from May's figures, and the number of homes still on the market at month's end was up.

The median sales price in June was $231,300, down from $235,000 in May; the average price for June sales was $290,600, down from 295,300 in May.

At the end of June, the seasonally adjusted number of unsold new single-family homes was 566,000, a 6.1-month supply. At the end of May, some 562,000 new single-family homes were still on the market, a 5.9-month supply.

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