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New Home Sales Down 5.3 Percent; Rates Under Pressure After Tariff News; Mortgage Apps’ Summertime Sadness

New Home Sales Down 5.3 Percent; Rates Under Pressure After Tariff News; Mortgage Apps’ Summertime Sadness

New home sales have adopted an up and down pattern since March and continued in that trend in June. The U.S. Census Bureau and the Department of Housing and Urban Development report that those sales were at a seasonally adjusted annual rate of 631,00 units. This is down 5.3 percent from May's revised sales of 666,000. That is a substantial downward revision from the 689,000 units and 6.7 percent increase originally reported for the month. Sales are hanging on to a 2.4 percent improvement over the June 2017 estimate of 616,000. Analysts had expected sales to retreat but were looking for a much less definitive move. Forecasts from those polled by Econoday fell in the range of 590,000 to 685,000 units. The consensus was 668,000. Both median and average sales prices were down for the second straight
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