The U.S. Census Bureau this morning released data on new single-family home sales for June. Economists had been expecting a seasonally adjusted annual rate of 370,000, but the data came in far short at 350,000, some 8.4% below the revised May rate of 382,000. Compared with June 2011, however, the number is up 15.1% from last year’s estimate of 304,000.
The Census Bureau also reported that the median sales price for new homes sold in June was $232,600 and the average sales price was $273,900.
At the end of June, the number of new homes for sale totaled 144,000, a supply of 4.9 months. That is a rather tight supply and could be one factor encouraging new construction. Last week the National Association of Realtors reported an 6.6 month inventory of existing homes for sale.
Earlier this morning the Mortgage Bankers Association reported that mortgage applications for purchases fell by 3% last week and refinancing applications rose by 2%. The average contract interest rate for a 30-year fixed rate conforming mortgage fell to an all-time low of 3.74%. Refinancings accounted for 81% of mortgage applications last week.
Paul Ausick
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