Sales of new single-family homes fell 8.4 percent to an annual rate of 350,000 in June compared to the prior month, the biggest drop in over a year, the Census Bureau and Department of Housing and Urban Development said Wednesday.
The result missed estimates by economists polled by Reuters, who had expected sales of 370,000. The pace is 15.1 percent above June 2011's annual level of 304,000 units.
The median sales price of new homes in June was $232,600. Inventory was estimated to be 144,000 at the end of the month, a supply of 4.9 months at the current sales pace.