June New Home Sales Up 0.6% to 530,000 Rate

Sales of new single-family homes fell 0.6% to a 530,000 seasonally adjusted annual rate in June, according to data released by the Commerce Department Friday.

The June figure came after a revised 533,000 rate in May, a 1.7% drop originally reported as a 2.5% decrease to 512,000. IFR Markets’ poll of economists had predicted a 505,000 sales level for April.

Sales of new homes were 33.2% below the 793,000 rate in June 2007, Commerce said. The supply of new homes at the current sales rate fell to 10.0 months from 10.4 months in May.

At the end of June, the number of new homes on the market decreased to 426,000 from 450,000.

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