New Home Sales for June

New Home Sales, which measures signed contracts on new homes, were up 0.8% in June at a 610,000 unit annualized pace, which was pretty much in line with expectations. Last month’s figure, originally reported at 610,000, was revised slightly lower to 605,000.  Keep in mind these are National stats.

Inventory levels rose 1.5% to 272,000 to their highest level in 8 years, but they are still about half of what they were 10 years ago. Even with such tight inventory, Sales are still up 9.1% on a year over year basis, which is stronger than last month’s 8.9% reading.

The Median New Home Sale Price was reported at $310,800 was actually down 3.4% year over year after setting a record high last month.


Weekly Newsletter

Here is my weekly review of mortgage rates last week, what to expect this week and thoughts on what could move the mortgage market this week.  As always, please let me know if you have any questions.


Thanks and have a great week!

Lee McLain