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Economy in Brief

New Home Sales Off Slightly
by Tom Moeller July 27, 2004

Sales of new one-family homes dipped 0.8% in June to 1.326M. The latest reading was still the second highest on record. Consensus estimates had been for a larger decline to 1.280 million. May sales were revised lower.

Sales fell hard in most of the country, down 14.2% in the Northeast (+16.7% y/y) and down 13.1% in the West (-8.2% y/y). Sales also fell 2.9% in the Midwest (+3.6% y/y). These declines were partially offset by a 9.6% gain in the South (+25.6% y/y).

The median price of a new single family home rose 1.7% to $209,900 (11.7% y/y).

Homes Sales (000s, AR) June May Y/Y 2003 2002 2001
New Single-Family 1,326 1,337 11.1% 1,088 977 907
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