June 2010 New Home Sales: Strong Monthly Gains, YoY Results Still Weak

Includes: ITB, PKB, REZ, XHB
by: Sold At The Top

Today, the U.S. Census Department released its monthly New Residential Home Sales Report for June showing a notable increase in sales, yet at 330K annual units, the current sales pace remains near the lowest levels seen since sales have been tracked.

New single family home sales increased 23.6% since May yet remained 16.7% below the level seen in June 2009 while the monthly supply declined to 7.6 months and the median months for sale declined to 12.4 months.

The following charts show the extent of sales decline:

click for full-size dynamic version