The U.S. Commerce Department reported that new home sales fell 8.1% in June to 590,000 units. This was the lowest level since April 2020 (642,000 units in May).
Year on year, new home sales fell 17.4% in June. New home sales were impacted by high home prices and a rise in mortgage rates.
The median price for new homes fell to $402,400 in June. The inventory of new homes rose to 457,000 units.
When looking at home sales and home inventory on the market, it was found that home sellers took 9.3 months to sell their homes from inventory on the market.