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
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.