US Economy
Sales of new US single-family houses weak in first half of 2014
By Finfacts Team
Jul 25, 2014 - 8:21 AM

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Sales of new US single-family houses in June 2014 were at a seasonally adjusted annual rate of 406,000, according to estimates released jointly Thursday by the US Census Bureau and the Department of Housing and Urban Development. This is 8.1% below the revised May rate of 442,000, 4.9% down in the first half of the year and is 11.5% below the June 2013 estimate of 459,000.

The median sales price of new houses sold in June 2014 was $273,500; the average sales price was $331,400. The  seasonally adjusted estimate of new houses for sale at the end of June was 197,000. This represents a supply of 5.8 months at the current sales rate.

The Wall Street Journal says that the $273,500 median price of a new home in June is 17.6% higher than two years earlier and 22% more than the June median price for an existing home.

The Journal says home construction was a major employment and growth engine before the recession - - historically accounting for 5% of the U.S. economy, according to the National Association of Home Builders. That figure has fallen to about 3% in recent years.

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