U.S. new home sales fall to 5-month low
The Associated Press
Posted: Jul 25, 2012 10:36 AM ET
Last Updated: Jul 25, 2012 10:35 AM ET
Jim Christy moves a door after staining at a new home in Pepper Pike, Ohio, earlier this month. A steep decline in U.S. new home sales in June suggests the housing recovery will be slow and uneven. (Tony Dejak/Associated Press)
Americans bought fewer new homes in June after sales jumped to a two-year high in May.
The steep decline suggests a weaker job market could make the housing recovery slow and uneven.
The Commerce Department says sales of new homes fell 8.4 per cent last month to a seasonally adjusted annual rate of 350,000.
That's the lowest in five months. Sales in the Northeast plunged 60 per cent to the lowest level since November.
Nationwide, sales in May and April were revised much higher. And June's sales pace is still 15.1 per cent higher than in June 2011.
The number of unsold new homes is near record lows. There were 144,000 new homes for sale in June, just above May's 143,000 — the lowest on records dating back to 1963.
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