Sales of new single-family houses rose in June for a second straight month.
The Commerce Department reports sales last month totaled a seasonally adjusted 610,000, up 0.8% from may's revised estimate of 605,000 and 9.1% above the same month a year ago.
Sales soared in the West (+12.5%) and Midwest (+10.0), but were flat in the Northeast and down in the South (-6.1%).
Prices and inventory
The median sales price of new houses $310,800, down $10,800 from June 2016. The median is the point at which half the houses sold for more and half for less The average sales price, on the other hand, rose $15,200 to $379,500.
The seasonally-adjusted estimate of new houses for sale at the end of June was 272,000 -- a supply of 5.4 months at the current sales rate.
Supply is clearly a concern for the National Association of Home Builders (NAHB).
"While new home inventory rose slightly in June," said NAHB Senior Economist Michael Neal, "it remains tight as builders face lot and labor shortages and increases in building material costs."
The complete report is available on the Commerce Department website.
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