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New Homes for Sale Drop Off Some in June
Sales of new single-family homes dipped a slight 0.6% in June from an upwardly revised pace in the previous month, to a seasonally adjusted annual rate of 530,000, the Commerce Department reported on July 25.
"While the housing downswing continues — with new-home sales down by a third from year-ago levels and builder confidence at a record low this month — the report for June shows that builders are making some progress on reducing the inventory of unsold units," said NAHB Chief Economist David Seiders.
The Commerce report indicated that the inventory of new homes for sale eased down 5.3% in June to 426,000 units. This represented a 10-month supply at the current sales pace, compared to a 10.4-month supply in May.
Regionally, sales activity was mixed in June, with the Northeast and Midwest posting gains of 5.3% and 2.5%, respectively, and the South and West dropping 2% and 0.9%, respectively.
Every region of the country saw declines in the number of new homes for sale in June.
 Want to Know the Housing Forecast for the Top 100 Metros?
Find out in HousingEconomic.com’s 2008 to 2009 Metro Forecast (free preview).
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 Free NAHB Kit Gives Builders Back-to-Basics Tips to Navigate the Slowdown
What was once expected to be a relatively mild housing slump following three years of record new home construction and sales has given way to a significant downturn.
To help members navigate the uncharted waters of this slowdown, NAHB has compiled a comprehensive “Back to Basics” online toolkit — the best of the basics, the tried and true and the truly new. To access the toolkit, click here.
To access the “Back to Basics” toolkit, you must be an NAHB member and have a login to www.nahb.org. To create a login, go to www.nahb.org/login or click on the log-in button on the main menu bar.
For assistance, call the NAHB Member Service Center at 800-368-5242.
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