New Home Sales Drop 0.6 Percent in June

July 25, 2008 7:13:25 AM PDT
Government data show sales of new homes fell in June for the seventh time in the past eight months in further evidence that the nation is still in the grips of the worst housing slump in decades. The Commerce Department reported Friday that sales of new single-family homes dropped by 0.6 percent last month to a seasonally adjusted annual rate of 530,000 units following an even bigger 1.7 percent fall in May.

The decline is slightly smaller than had been expected and sales were revised up a bit for May. However, even with those changes, new home sales are down by a sharp 33.2 percent from a year ago.