US new-home sales hit June slump
WASHINGTON (AP) — Fewer Americans bought new homes in June, a possible sign that the real estate market is cooling down after months of hot sales.
The Commerce Department says new-home sales slumped 6.8 percent last month to a seasonally adjusted annual rate of 482,000. The report also revised May sales down to a rate of 517,000 from 546,000.
New-home purchases are volatile on a monthly basis, although sales through the first half of 2015 are 21.2 percent higher than in 2014. The stronger job market and low mortgage rates spurred sales.
But the June slowdown indicates the potential limits of the earlier momentum.
The median sales price has slipped 1.8 percent to $281,800 over the past 12 months.