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Economy in Brief

New Home Sales Jumped Again
by Tom Moeller July 27, 2005

New single-family home sales jumped 4.0% in June to 1.374M on top of the upwardly revised 3.0% gain in May. The figure set a new record and sales during the last six months averaged 1.288M, up 7.7% from last year's first six months. Consensus estimates had been for sales in June of 1.30M.

Sales rose across the country but the notable 7.2% rise in the Northeast lifted sales 14.1% versus last year.

The median price of a new single family home slipped for the second consecutive month. The 5.5% decline to $214,800 (-0.4% y/y) followed upward revisions to prior months' figures.

The figures from the Census Department reflect homes sold.

Homes Sales (000s, AR) June May Y/Y 2004 2003 2002
New Single-Family 1,298 1,271 4.4% 1,200 1,091 976
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