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New Home Sales fell by 6.8%

Friday, Jul 24 2015
Sales of new single-family homes in the U.S. fell 6.8% in June to an annual rate of 482,000, the slowest pace in seven months, with drops in three of four regions, the government reported Friday. Economists were expecting a sales rate of 543,000 in June. June's sales pace was up 18.1% from a year earlier, showing improvement, though rates still remain below long-term averages. The median price of new homes, meanwhile, fell 1.8% to $281,800 compared with June 2014. The supply of new homes was 5.4 months at June's sales pace, compared with 4.8 months in May.
 
Separate report on US Manufacturing PMI showed that it edged up to 53.8, from a 20-month low of 53.6 in June. This was in line with market forecasts. A rebound in overall growth momentum largely reflected stronger rises in output and new business levels in July. Meanwhile, softer job creation was the main factor weighing on the headline PMI during the latest survey period.  
 
After the data USD edged down. Euro is currently being traded around 1.0960 area, Sterling is slightly below 1.55 handle, while Aussie is few points above 0.7270 level.
More in this category: « No re-escalation of ‘Grexit’ worries, PMI data suggests USD - Major events in the week ahead »

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