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June Homes Sales Compare Well To A Year Ago

A total of 697,000 new single-family home sales nationwide in June, down from May, however, up from June 2022, according to the U.S. Census Bureau.

Posted July 27, 2023

June sales for new U.S. single-family homes decreased following a three-month increase trend, however, the availability of new homes could mean a looser grip on the market for buyers seeking affordability.

Singal-family homes experienced sales of 697,000 in June for the seasonally adjusted annual rate. Thats down 2.5 percent compared to the month of May but up 23.8 percent when compared to June sales in 2022.

Furthermore, the seasonally-adjusted estimate of new houses for sale at the end of April was 432,000.

With new home sales up year-over-year, the market is stabilizing, albeit slowly, and can steer the ship back into a more healthy environment with more new homes being built.

What’s not helping the market is the price of these new homes as they stand today in addition to mortgage rates. Wednesday the Federal Reserve announced it raised its policy by 25 basis points to 5.25 percent to 5.50 percent.

“The new construction market will continue to play a vital role in unlocking buyers who are left with few other options as builders continue to churn out much needed inventory into this market,” Zillow senior economist Nicole Bachaud reported.