According to a U.S. Census Bureau report, new home sales dropped nearly 7 percent in June to a seasonally adjusted annual rate of $482,000, the lowest level in seven months. However, in the context of the current boom, the figure represents an 18 percent gain over the one achieved a year ago. The median sales price of a new home was $281,800, up slightly from May but below the median sales price in June 2014. Compared with May, sales fell in the West, Midwest and South, but were up 28 percent in the Northeast.
This is not being seen yet as a turning point for the market, however, as new home sales represent only a small percentage of the overall housing market. Existing home sales rose 3.2 percent in June to a seasonally adjusted annual rate of 5.5 million, the highest level since 2007
