In the past couple of days there have been many news reports about new home sales in the U.S. declining and reaching a 14-month low based upon the latest report from the U.S. Census Bureau. As the table below shows, the reports are accurate as new home sales for June 2021 in the U.S. were at a seasonally-adjusted annual rate of 676,000 homes, the lowest annual rate in 14-months and a rate that is 6.6% lower than May and 19.4% lower than June 2020.. However, the good news for us here in the Midwest Region is, the same table shows that for our region new home sales in June 2021 were at a seasonally-adjusted annual rate of 92,000 homes, an increase of 5.7% from the rate for May 2021 and an increase of 7.0% from June 2020. All of the other regions, as well as the U.S. as a whole, saw a decline in annual rate from the month before as well as the year before.
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New Home Sales – June 2021 – Seasonally Adjusted, Annual Rate
(source: U.S. Census Bureau)