New Home Sales Down 1% For June

Financial News Network
July 27, 2011 AT 2:52 AM
Fewer people bought new homes in June, further proving that the housing market remains weak.The Commerce Department reported sales of new homes dipped 1% in June to an annual rate of 312,000. That's less than half the 700,000 homes sold per year that economists say is expected in healthy markets.Sales fell to record lows in the Northeast and West; the median price of a new home rose to $235,200 in June, 5.8% up from May.Housing stays the weakest part of the U.S. economy. Last year was the lowest for new-home sales on records dating back 50 years. Through the first six months of this year, sales are landing behind last year's totals.