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Economy in Brief

New Home Sales & Prices Fell
by Tom Moeller July 27, 2006

Sales of new single family home sales fell 3.0% during June to 1.131M (SAAR) and the prior month's increase was revised down sharply to just 0.5%. Consensus expectations had been for June sales of 1.17M.

New home sales during the first six months of this year fell 10.9% from the first six months of 2005 and during June were 17.3% below the monthly peak last July.

Sales in the Northeast were the weakest last month showing an 11.3% (-33.7% y/y) decline. Sales in the Midwest also fell, by 7.9% (-24.5% y/y) and sales in the South declined 6.0% (-5.2% y/y). Sales out West posted the only regional gain with an 8.2% increase but nevertheless were off 7.0% y/y.

The number of new homes for sale advanced 0.7% m/m in June and rose 24.4% y/y. The year to year breakdown by region is as follows: Northeast, 42.1%; West, 28.7%; South, 32.6%; Midwest, -1.9%.

The median sales price of a new single family home fell for the third month in the last four. The 1.6% decline to $231,300 followed a 7.4% drop during May.

U.S. New Homes June May Y/Y 2005 2004 2003
Total Sales (AR, 000's) 1,131 1,166 -11.1% 1,280 1,201 1,091
Median Price (NSA) $231,300 $235,000 2.3% $234,208 $217,817 $191,383
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