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New Home Sales Higher than Expected Due to Revisions in May, April

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Related Story: Revisions Boost New Home Sales, Suggest Stabilization, Economists Say

New home sales fell for the seventh of the past eight months in June, falling by 0.6% to an annual pace of 530k sales. This rate is much higher than consensus expectations due to major revisions in the previous two months, according to the U.S. Census Bureau on Friday.

April's new home sales were revised up to 542k from a previously reported 525k, while May's 2.5% decline to 512k was revised to a 1.7% decline to 533k.

The median sale price of new houses sold in June was $230,900, up from May's revised median of $227,700.

The overhang of supply fell to a 10.0-month supply, down from May's revised 10.4-month supply, which was originally reported at 10.9 months.

The Census report follows the existing home sales report from the National Association of Realtors on Thursday, which fell more than expected to reach a new low in the 9-year index.

By Patrick McGee and edited by Sarah Sussman
©CEP News Ltd. 2008

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Revisions Boost New Home Sales, Suggest Stabilization, Economists Say

Comments (2)

I have been in mortgage financing for some time now. Housing sales are down. However, i do see everyday I am in my office Loan oficers helping people refinance into fixed rate mortgages through FHA and on the same note many new housing developments starting to break ground. All the negative news makes it to the front page. But, there are some very positive things going on right now, new homes for new families and help out there for those who are in trouble.

Above Posted By: Rich Bardy | Fri, 25 Jul 2008 10:10:07 EST

While this information is not as bad as analysts expected it to be, it certainly is not good. We are in a real crisis here in this country economically and the housing and mortgage markets are not helping.

Above Posted By: Christopher Ohlsen | Fri, 25 Jul 2008 08:36:23 EST

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