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