New Home Sales Fell 5.3 Percent in June

(CN) — Sales of new homes fell 5.3 percent in June, despite continuing tightness in a market where buyers far outnumber sellers, the Commerce Department said Wednesday.

Regionally, the Northeast saw a significant, 36.8 percent gain in the number of new houses sold, but this was more than offset by declines in the West, Midwest and South.

The Midwest saw the biggest drop of all, with new home sales falling 13. 4 percent last month.

The government said newly built homes sold at a seasonally adjusted annual rate of 631,000 last month, less than May's revised figure of 666,000.

New-home sales have risen 6.9 percent so far this year. The median sales price has fallen 4.2 percent from a year ago to $302,100.

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