WASHINGTON - New home sales fell 1.0% to a 312,000 annual rate in June on a seasonally adjusted basis, the Commerce Department reported Tuesday.
Sales were up 1.6% from June 2010.
Sales in May were revised down to 315,000 from the 319,000 originally reported. Sales fell in the Northeast and West, but rose in the Midwest and South.
Economists polled by Thomson Reuters expected a 320,000 annual sales rate, according to the median estimate.
The median new home price was $235,200 in June, up 5.8% from May and up 7.2% from June 2010.
The inventory of new homes for sale was 164,000, a record low according to the Commerce Department. That is a 6.3-month supply at the current sales rate.
Sales have been fluctuating at a very low level since the expiration of the homebuyer tax credit and as consumer sentiment has come down.
