Record prices for new U.S. homes amid a sales pickup indicate the supply of houses may be tight at the lower end of the market, pinching first-time buyers, government data showed June 23.
Highlights of New Home Sales
• Single-family home sales increased 2.9% month-over-month to 610,000 annualized pace (estimate of 590,000).
• Median sales price surged 16.8% year-over-year to a record $345,800.
• Supply of homes unchanged at 5.3 months; 268,000 new houses were on market at the end of May.