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Economy in Brief
German PPI Accelerates
The German year-on-year PPI has generally been decelerating since early 2017...
U.S. Leading Economic Indicators Signal Continued Expansion
The Conference Board's Composite Index of Leading Economic Indicators increased 0.3% during March...
Philadelphia Fed Factory Conditions Improve; Prices Jump
The Philadelphia Fed reported that its General Factory Sector Business Conditions Index rose to 23.2 during April...
U.S. Initial Claims for Unemployment Insurance Are Little Changed
Initial unemployment insurance claims slipped to 232,000 (-6.1% y/y) during the week ended April 14...
U.K. Retail Sales Fall
U.K. GDP is expected to cool its jets when the first quarter GDP number is released...
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 |
