New-home sales rose in June, but not to the level expected by analysts, as the median-sales price of new homes declined, and inventory increased. 

Specifically, newly built homes were sold at a seasonally adjusted annual rate of 627,000, up 0.6% from May’s rate of 623,000 and down 6.6% from the year-ago rate of 671,000, according to the U.S. Census Bureau and the U.S. Department of Housing and Urban Development.    

The consensus estimate was for an annual rate of 650,000 sales.    

The median sales price for a new home was $401,800, down 4.9% from the May price of $422,700 and 2.9% below the June 2024 price of $414,000.     

Months’ supply of new homes for sale in June rose 1% to 9.8 months from 9.7 months in May. Year over year, supply was up 16.7% compared to June 2024, when it was at 8.4 months.