The US Census Bureau and Department of Housing and Urban Development in a joint release Tuesday reported that newly constructed single family homes sold at a seasonally adjusted annual pace of 592 thousand in June and revised May sales up to 572 thousand. This pace represents steady progress from housing bust lows below 300 thousand but is still well short of the pre-boom level of sales, averaging an annual pace of 964 thousand from 2000 to 2003.
The inventory of new homes for sale increased to 244 thousand, up from 216 thousand one year earlier.
New home sales were up 25.4 per cent year-over-year compared to June 2015. And sales are up 10.1 per cent year-to-date compared to the same period in 2015.
New home sales for 2015 and 2016, by month, to date (Seasonally Adjusted Annual Rate) are up 10.1 per cent year-over-year, mostly because of the solid growth in Q2.