Sales of new homes rose a sharp 13.8% in June, the second straight monthly increase. Still, sales remain roughly 20% below pre-pandemic levels.
This April 16, 2020 photo shows a real estate company sign that marks a home for sale in Harmony, Pa. U.S. new home sales plunged 15.4% in March as the lockdowns that began in the middle of the month began to rattle the housing market. The Commerce Department reported Thursday, April 23, that sales of new single-family homes dropped to a seasonally ajdjusted annual rate of 627,000 last month after sales had fallen 4.6% in February.
The Commerce Department reported Friday that the June gain pushed sales of new homes to a seasonally adjusted annual rate of 776,000, a better-than-expected performance. The increase follows a 19.4% jump in May. A separate report Wednesday showed sales of previously owned homes surged 20.7% in June to a seasonally adjusted annual rate of 4.72 million. Even with the gain, which followed three months of declines, new home sales remain toughly 20% below pre-pandemic levels.The median price of a new home sold in June increased to $329,200, up 5.6% from a year ago.
Sales are being helped by ultra-low mortgage rates which earlier this month dropped below 3% for a 30-year-fixed rate mortgage for the first time in nearly 50 years.
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