Sales of newly-built homes dropped from May to June 6.6%, roughly 676,000. This is the lowest monthly rate in more than a year, in the early days of the coronavirus pandemic.
The data from the Commerce Department show June 2021 sales were also down year-to-year, by more than 19%. Analysts were expecting an increase from May to June 2021 of more than 3%, according to CNBC.
June's month-to-month drop in new home sales follows a drop in April of 10% and a drop in May of 7%. Sales of new homes in June was the slowest pace since April 2020, when home sales, and much of the economy, was shut down with stay-at-home restrictions and regional lockdowns.
Housing has been booming after the short recession mid-2020, and now some believe newly built homes are financially out of reach for many who are looking for housing.
While the pace of sales slowed down in June, the average price for a newly built home was 6% higher than a year ago.