Sales of new single-family homes increased 11.0% to a 384,000 seasonally adjusted annual rate in June, according to data released by the Commerce Department yesterday.
The June figure came after an upwardly revised 2.4% climb to a 346,000 rate in May, originally reported as a 0.6% drop to 342,000. Thomson Reuters’ poll of economists had predicted a 360,000 sales level for June.
Sales of new homes were 21.3% below the 488,000 rate in June 2008, Commerce said. The supply of new homes at the current sales rate fell to 8.8 months in June from 10.2 months in May.
At the end of June, the number of new homes on the market decreased to 281,000 from 293,000.