Up for discussion today is:
New Home Sales
May Revised: 1,166K
June Estimate: 1,164K
June Actual: 1,131K
Sales of new U.S. homes fell more than expected in June to a seasonally adjusted annual 1.131 million rate and the median home price fell for the second month in a row the government reported on Thursday, as the U.S. housing market showed more signs of cooling.
The 3 percent drop in new home sales was the first decline since February, the Commerce Department said. Compared with a year earlier, new home sales were down 11.1 percent.
Analysts polled by Reuters were expecting new home sales to cool to a 1.160 million annual rate.
Median selling prices dipped to $231,300, but was still above the $226,100 median price in June 2005.
In a further sign of a cooling housing market, the number of homes available at the current sales rate rose to a 6.1 months’ supply, the highest level since March. There were 566,000 new homes for sale at the end of the month, a record high.
Pulte Homes – Reported yesterday after close
April, May, June Orders down 30%
Cancellation Rate 27.4% vs. 14.8% in the prior year
Beazer Homes – Reported this morning
Orders down 16%
“significant increases in cancellation rates”