- The annual pace of new-home sales fell 8.1% in June, new Commerce Department numbers showed, and the department's first revision to May's report took 60,000 units off the annual pace then, dropping from 504,000 to 442,000.
- At 406,000 per year, June's sales pace was well below what economists thought would be in the report.
- Figures next week will show if second-quarter residential investment, to which home building contributes, followed the first quarter of this year in decline after 12 quarters of increases.
The National Association of Home Builders put as positive a spin on the 8.1% drop as possible, with Chairman Kevin Kelly saying, "The numbers are a little disappointing, but May was unusually high and some pull back isn’t completely unexpected." Chief Economist David Crowe said the organization was "cautiously optimistic" because jobs are being created and the June increase in existing-home sales can mean those sellers will be new-home buyers.