New home sales slipped 5.3 percent to 631,000 in June 2018, compared with the previous month. Yet they remained 2.4 percent above the same period last year, according to the latest data on the sales of new single-family houses released by the U.S. Census Bureau and the Department of Housing and Urban Development.
According to the data, the median sales price of new houses sold in June was $302,100, whereas the average home sold for $363,300.
The data also indicated a rise in the inventory of new homes. Around 301,000 new homes were available for sale at the end of June representing a supply of 5.7 months at the current sales rate.
"Affordable homes have become severely depleted and any boost in inventory would provide some much-needed relief for weary first-time buyers," said Danielle Hale, Chief Economist at Realtor.com.
About Author: Radhika Ojha
Radhika Ojha, Online Editor at the Five Star Institute, is a graduate of the University of Pune, India, where she received her B.A. in Commerce with a concentration in Accounting and Marketing and an M.A. in Mass Communication. Upon completion of her masters degree, Ojha worked at a national English daily publication in India (The Indian Express) where she was a staff writer in the cultural and arts features section. Ojha, also worked as Principal Correspondent at HT Media Ltd and at Honeywell as an executive in corporate communications. She and her husband currently reside in Dallas, Texas. She can be reached at Radhika.Ojha@DSNews.com.