New home sales fell in June to their lowest level in seven months and May's sales were revised sharply lower, in contrast to the much larger existing home category which reached a eight year high on Wednesday.
Single family home sales fell 6.8 percent to a seasonally adjusted annual rate of 482,000 units reported the Commerce Department today. It was the lowest level since last November.
May's sales pace became a 1.1 percent decline upon revision at 517,000 units from the initial report of a 2.2 percent increase of 546,000 units. Economists surveyed by Bloomberg had forecast that new home sales, which account for just 8.1 percent of the market, would rise 0.3 percent to 548,000.
Sales were up 18.1 percent on the year, after a 13.1 percent gain in May. The median price of a new home rose slightly to $282,800 from $280,500 and the number of home on the market climbed 7,000 to 215,000.
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