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US housing market: New home sales, single-unit housing starts snap back in June

New single-family homes sales grew 7.0% month over month in June, after falling 7.8% the month prior, after seasonal adjustment. On a yearly basis, new home sales were up 4.5% according to the U.S. Census Bureau and the U.S. Department of Housing and Urban Development.

Privately owned single-unit housing starts were up 3.5% on a monthly basis but were down 0.8% year over year.

Existing home sales dipped for the month, down 1.7% compared to May levels and 2.2% year over year despite lower mortgage rates, according to the National Association of Realtors. NAR Chief Economist Lawrence Yun attributed the low home sales to an imbalance in supply and demand for mid- to lower-priced homes. While the market maintains solid demand, according to Yun, insufficient supply is consequently pushing up home prices.

The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index continued its ascent in May, up 0.2% month over month, after seasonal adjustment, and 3.4% on a yearly basis.

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