June 2011 home sales continue to bounce along the bottom although home sales were up 1,000 across the whole USA year-over-year. The headlines of the seasonally adjusted data:
Sales of new single-family houses in June 2011 were at a seasonally adjusted annual rate of 312,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 1.0 percent (±12.5%)* below the revised May rate of 315,000, but is 1.6 percent (±14.1%)* above the June 2010 estimate of 307,000.
The median sales price of new houses sold in June 2011 was $235,200; the average sales price was $269,000. The seasonally adjusted estimate of new houses for sale at the end of June was 164,000. This represents a supply of 6.3 months at the current sales rate.
With new home sales at 25% of past rates, whatever happened in June 2011 is simply a blip – not significant enough to matter. But it is interesting to note:
- this is the second YoY increase since the ending of the first home buyers incentive expired. Next month, the year-over-year comparisons are against terrible non-stimulus data – so look for good year-over-year comparisons.
- that it is occurring in the middle of a economic soft spot.
Even thought the data is “less good” than last month – it IS better year-over-year. Not contracting is good.
Case-Shiller: Seasonal Home Price Increase Underway in May 2011 by Steven Hansen
Existing Home Sales In June 2011 Much Better than Headlines Suggest by Steven Hansen
New Housing Construction Industry Now In Recovery in June 2011 by Steven Hansen
Pending Homes Sales Index Up 8.2% & It Is Not Yet Good News by Steven Hansen
Housing Inventory: Hard and Soft Shadows by John Lounsbury
Mediocre Home Sales Continue in May 2011 by Steven Hansen
CoreLogic Sees Short Sales Growing 25% in 2011 by CoreLogic
Flipping Mad Over Fraud Flips by Frank McKenna
“Bottoming” New Housing Data Is A Reflection of the Economy by Steven Hansen
Real Time Home Price Index Shows Housing Price Strength by Scott Sambucci
Strategic Defaults: A Bad Situation That Could Get Worse by Keith Jurow