June New Home Sales Fall Well Short of Consesnus
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(Updated)
Sales of new single-family houses in June 2015 were at a seasonally adjusted annual rate of 482,000, said the U.S. Census Bureau and the Department of Housing and Urban Development. Data came in below the consensus of 548,000 and 6.8% below the revised May rate of 517,000.
The median sales price of new houses sold in June 2015 was $281,800; the average sales price was $328,700. The seasonally adjusted estimate of new houses for sale at the end of June was 215,000. This represents a supply of 5.4 months at the current sales rate.
Following results, homebuilder stocks declined, with D.R. Horton (NYSE: DHI), Pulte Group (NYSE: PHM), KB Home (NYSE: KBH) and Lennar Corp. (NYSE: LEN) falling.
Hovnanian Enterprises Inc. Cl A (NYSE: HOV), Standard Pacific Corp. (NYSE: SPF), Toll Brothers, Inc. (NYSE: TOL), Ryland Group, Inc. (NYSE: RYL), Meritage Homes Corp. (NYSE: MTH), and Beazer Homes USA, Inc. (NYSE: BZH) also sold off.
SPDR S&P Homebuilders ETF (NYSE: XHB) declined by about 0.5%.
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