DATA FLASH: New Home Sales Rebound from Revised Record Low

The Census Bureau and the Department of Housing and Urban Development have released New Residential Sales data for June 2010.
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Excerpts from the Release…</p

Sales of new single-family houses in June 2010 were at a seasonally adjusted annual rate of 330,000.  This is 23.6 percent above the revised May rate of 267,000, but is 16.7 percent below the June 2009 estimate of 396,000.</p

The median sales price of new houses sold in June 2010 was $213,400; the average sales price was $242,900. </p

The seasonally adjusted estimate of new houses for sale at the end of June was 210,000. This represents a supply of 7.6 months at the current sales rate.</p

Plain and Simple: New Home Sales in June rebounded from historic lows in May. Attention should be given to the fact that May survey data was revised from 300,000 new home sales to 267,000 new home sales. That is a huge downward revision and makes the rebound seen in June look that much bigger.  Nonetheless, New Home Sales didn't decline further….</p

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