Contact Us
Make My Homepage

New home sales down sharply in June

Sales of new U.S. homes fell sharply last month, a sign that real estate continues to be a weak spot in the economy. 

Audio clip: Adobe Flash Player (version 9 or above) is required to play this audio clip. Download the latest version here. You also need to have JavaScript enabled in your browser.

New Home Sales Rise Sharply In October
Justin Sullivan, Getty Images

New home sales fell 8.1 percent in June to a seasonally adjusted annual rate of 406,000, according to the Commerce Department. In the Northeast, new home sales were down 20 percent.

In New Jersey, there’s been a stagnation in new home sales for the past year, according to Patrick O’Keefe, director of economic research at CohnReznick.

Why the decrease in new home sales?  O’Keefe thinks it’s because customers are being cautious about where housing prices are going, and not because of fears about the economy or mortgage rates.

“Homebuyers, particularly in New Jersey, are not hitting the brakes, but they not leaning on the accelerator either,” O’Keefe said.

The median sales price for a new home in June was 273,500, up 5.3 percent in the past 12 months.

The Associated Press contributed to this story.

Best of NJ101.5

Recommended For You

Best of the Web

Leave a Comment

It appears that you already have an account created within our VIP network of sites on . To keep your personal information safe, we need to verify that it's really you. To activate your account, please confirm your password. When you have confirmed your password, you will be able to log in through Facebook on both sites.

Forgot your password?

*Please note that your prizes and activities will not be shared between programs within our VIP network.

It appears that you already have an account on this site associated with . To connect your existing account just click on the account activation button below. You will maintain your existing VIP profile. After you do this, you will be able to always log in to using your original account information.

*Please note that your prizes and activities will not be shared between programs within our VIP network.

Please fill out the information below to help us provide you a better experience.

(Forgot your password?)

Not a member? Sign up here

Sign up for New Jersey Insiders quickly by connecting your Facebook account. It's just as secure and no password to remember!

Sign up to have exclusive New Jersey Insiders contests, events, coupons, presales, and much more delivered to you for FREE.