Economic Buzz: US new home sales rebound in June

After reporting a steep drop by new home sales in the U.S. in the previous month, the Commerce Department released a report on Thursday showing a modest rebound by new home sales in the month of June.

The Commerce Department said new home sales rose by 0.6 percent to an annual rate of 627,000 in June after plummeting by 11.6 percent to a rate of 623,000 in May.

The rebound by new home sales came amid strength in the Midwest and South, where new home sales surged by 6.3 percent and 5.1 percent, respectively.

On the other hand, the report showed a 27.6 percent nosedive by new home sales in the Northeast and a 8.4 percent plunge by new home sales in the West.

The Commerce Department also said the estimate of new houses for sale at the end of June was 511,000, up 1.2 percent from 505,000 at the end of May and up 8.5 percent from 471,000 a year ago.

The estimate of new houses for sale represents 9.8 months of supply at the current sales rate, up from 9.7 months in May and up from 8.4 months in June 2024.

Meanwhile, the Commerce Department said the median sales price of new houses sold in June was $401,800, down 4.9 percent from $422,700 in May and down 2.9 percent from $414,000 in the same month last year.

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