New-home sales dropped slightly in June, government officials said Friday.
New-home sales dropped slightly in June from May’s revised
figures, the U.S. Department of Commerce reported Friday.
The department says 530,000 newly built homes were sold in June,
a decline of 0.6 percent from a month earlier.
“Today's weak sales numbers
once again demonstrate the critical need for the housing and economic stimulus
bill that's now nearing final passage in the Senate," said National
Association of Home Builders President Sandy Dunn, a home builder from Point
Pleasant, W.Va. “Once signed by the president, this legislation will boost
confidence in the housing finance system, bring some stability to the overall
market and stimulate sales as first-time buyers start taking advantage of a tax
credit of up to $7,500.”
The inventory of available new homes dropped 5.3 percent to 426,000
units. The NAHB said the figure represents a 10-month supply, compared with a 10.4-month
supply of homes in May.
That was some good news, said association chief economist
“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, today's report shows that builders are
making some progress on reducing the inventory of unsold units,” Seiders said.
Home sales decline, Commerce Department reports
July 28, 2008