June New Home Sales Preview
June New Home Sales are expected to decrease 1.8% to a 503k annual rate following a 2.5% decrease to 512k the prior month. The range of estimates is fairly narrow (480k-530k).
June was undoubtedly another down month for New Home Sales, given the plunge in Existing Home Sales revealed by NAR today and ongoing tightness in the credit markets.
Other recent housing data:
* May Pending Home Sales Index fell 4.7%
* July NAHB Housing Market Index fell to 16, a record low
* June Existing Home Sales fell 2.6% to 4.86mln annualized