New home sales hit two-year low in June

by NAFCU Newsroom

New home sales fell 8.1 percent in June to 590,00 annualized units, a two-year low. May was revised down 54,000 units. Compared to last year, June sales were down 17.4 percent. NAFCU Chief Economist and Vice President of Research Curt Long analyzes the data in the latest Macro Data Flash report.  

“The gauge of prospective buyer traffic fell below the break-even level of 50 for a second straight month,” said Long. “With the drop in sales levels, supply has begun to outpace demand.”  

Based on current month sales, there were 9.3 months of supply in June – a 0.9 month increase from May. The number of unsold homes left on the market increased by 18,000 to 463,000, a 32.3 percent increase from inventory levels a year ago.  

 

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