New Home Sales Drop 0.6%, Beat Expectations

New home sales for the month of June came in at 530,00, slightly below May’s 533,000 and down 32% year-over-year, but far exceeding the consensus estimate of 505,000. Inventories dropped slightly as well, down from 10.4 months of supply in May and up 21% from 8.3 months supply a year ago. Average sales price dropped slightly to $298,600, down from $298,900 the month prior and down from $306,500 a year earlier.

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