This morning the economic report on New Home Sales has been released. As we had anticipated this number rose to 384K in June, from a seasonally adjusted of 346K in May. The consensus estimates were at 352K.
Sales have now risen for three straight months. All this being said the median sales price for new homes fell to $206K down 5.8% from the previous month.
In summary what this data shows is that the lower end priced homes are moving. Tomorrow we will see more specifics on home prices when the S&P/Case-Shiller Home Price Index is released.