New home sales fall in June, but are still 18% above last year’s pace

New home sales dropped nearly 7 percent in June to a seasonally adjusted annual rate of 482,000, the lowest level in seven months.

The good news is that this sales level is still 18 percent above what it was a year ago.

Compared with May, sales fell in the West, Midwest and South, but jumped 28 percent in the Northeast, according to the U.S. Census Bureau report.

The median sales of new houses was $281,800, up slightly from May. but below the median sales price in June 2014.

New home sales represent… …read more