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New-home sales increase 3.5% month over month in June

Sales of new single-family homes in the U.S. were at aseasonally adjusted annual rate of 592,000 in June, up 3.5% from the revisedMay rate of 572,000 and 25.4% above the June 2015 estimate of 472,000,according to the U.S. Census Bureau and the U.S. Department of Housing andUrban Development.

The median sales price of new houses sold in June was$306,700, with the average sales price being $358,200. The seasonally adjustedestimate of new houses for sale at the end of the month was 244,000, reflectinga supply of 4.9 months at the current sales rate.

In the Northeast, sales increased 30.8% from June 2015 butdecreased 5.6% month over month. Midwest new-home sales jumped 44.1% year overyear and 10.4% month over month. In the South, they were up 21.1% on the yearand inched down 0.3% from the prior month. Sales in the West rose 24.6% fromJune 2015 and 10.9% on a monthly basis.