New Home Sales: June 2011

Today, the U.S. Census Department released its monthly New Residential Home Sales Report for June showing a monthly decline with sales falling 0.95% since May but increasing 1.63% from June 2010 and remaining at an epically low level of 312K SAAR units.

It's important to recognize that the inventory of new homes has now fallen to a new series low at 164K units, lowest level seen in in at least 47 years while the median number of months for sale increased to 9.9.

The monthly supply declined to 6.3 months while the median selling price increased 7.15% and the average selling price increased 4.79% from the year ago level.

The following chart show the extent of sales decline to date (click for full-larger version).