The previous three months were revised up sharply, combined.
Sales of new single-family houses in June 2024 were at a seasonally adjusted annual rate of 617,000, according to
estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development.
This is 0.6 percent below the revised May rate of 621,000 and is 7.4 percent below the June 2023 estimate of 666,000.
emphasis added
Click on graph for larger image.
The first graph shows New Home Sales vs. recessions since 1963. The dashed line is the current sales rate.
New home sales were close to pre-pandemic levels.
The second graph shows New Home Months of Supply.
The months of supply increased in June to 9.3 months from 9.1 months in May.
The all-time record high was 12.2 months of supply in January 2009. The all-time record low was 3.3 months in August 2020.
This is well above the top of the normal range (about 4 to 6 months of supply is normal).
“The seasonally-adjusted estimate of new houses for sale at the end of June was 476,000. This represents a supply of 9.3 months at the current sales rate. “
Sales were below expectations of 640 thousand SAAR, however sales for the three previous months were revised up significantly, combined. I’ll have more later today.