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Economy in Brief

New Home Sales and Prices Fell
by Tom Moeller July 26, 2007

New home sales during June fell 6.6% to 834,000 following a 2.2% drop in May. The decline was back down to the current cycle’s low.

June sales were down sharply in nearly every region:In the Northeast sales fell 27.1% and were unchanged y/y. In the Midwest sales dropped 17.1% (-28.4% y/y). Sales out West declined a huge 22.5% (-42.8% y/y) but in the South sales rose 7.6% (-12.9% y/y).

The inventory of unsold homes was unchanged for the month and actually fell 5.0% y/y.

The median new home price fell 1.3% (-2.2% y/y) for the month.

The Fed’s latest Beige Book covering regional economic activity is available here.

US New Homes June May Y/Y 2006 2005 2004
Total Sales (SAAR, 000s) 834 893 -22.3% 1,049 1,279 1,201
Median Price (NSA, $) 239,800 239,400 -2.1% 241,125 234,208 217,817
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