Newly built single-family home sales declined 8.4 percent during June to a seasonally adjusted 350,000 units, the Census Bureau, and U.S. Department of Housing and Urban Development said.
The figures follow a very strong
May, where sales were upwardly revised by the government.
Barry Rutenberg, chairman of the National Association of
Home Builders, said trends are still positive, despite the drop.
"While we would have liked to see a third
consecutive month of new-home sales gains in June, the fact remains that the sales
numbers are up on both a quarterly and yearly basis, while builders continue to
report that they are seeing more serious buyers in the market for a newly
constructed home with all of the latest updates," said Rutenberg, who is a
home builder in Gainesville, Fla.
David Crowe, the NAHB’s chief economist, echoed Rutenberg’s
"The lower number of new-home sales in June
represents an adjustment from a robust level of activity in May, yet overall
results for the second quarter show we are still on track for continued
improvement," Crowe said. "That said, the very tight inventory of new
homes for sale at this time poses a challenge to builders who'd like to have a
larger selection for buyers to choose from but continue to confront issues with
obtaining credit to build viable new projects."
U.S. new-home sales drop
August 9, 2012