ANL 19.29 Decreased By ▼ -1.56 (-7.48%)
ASC 13.45 Decreased By ▼ -0.09 (-0.66%)
ASL 22.20 Decreased By ▼ -0.80 (-3.48%)
BOP 8.18 Decreased By ▼ -0.02 (-0.24%)
BYCO 7.55 Decreased By ▼ -0.26 (-3.33%)
FCCL 17.45 Decreased By ▼ -0.35 (-1.97%)
FFBL 22.10 Decreased By ▼ -0.65 (-2.86%)
FFL 15.20 Decreased By ▼ -0.30 (-1.94%)
FNEL 7.40 Increased By ▲ 0.05 (0.68%)
GGGL 17.00 Decreased By ▼ -0.83 (-4.66%)
GGL 39.30 Decreased By ▼ -0.71 (-1.77%)
HUMNL 5.76 Decreased By ▼ -0.26 (-4.32%)
JSCL 18.00 Decreased By ▼ -0.30 (-1.64%)
KAPCO 35.95 Decreased By ▼ -0.40 (-1.1%)
KEL 3.29 Decreased By ▼ -0.11 (-3.24%)
MDTL 2.50 Decreased By ▼ -0.15 (-5.66%)
MLCF 34.24 Decreased By ▼ -0.86 (-2.45%)
NETSOL 119.85 Decreased By ▼ -9.55 (-7.38%)
PACE 4.94 Increased By ▲ 0.19 (4%)
PAEL 26.53 Decreased By ▼ -0.47 (-1.74%)
PIBTL 8.71 Decreased By ▼ -0.14 (-1.58%)
POWER 7.25 Decreased By ▼ -0.20 (-2.68%)
PRL 16.97 Decreased By ▼ -0.18 (-1.05%)
PTC 9.65 Decreased By ▼ -0.36 (-3.6%)
SILK 1.50 No Change ▼ 0.00 (0%)
SNGP 45.10 Increased By ▲ 0.10 (0.22%)
TELE 17.48 Decreased By ▼ -1.41 (-7.46%)
TRG 161.00 Decreased By ▼ -1.70 (-1.04%)
UNITY 31.80 Decreased By ▼ -1.15 (-3.49%)
WTL 2.85 Decreased By ▼ -0.09 (-3.06%)
BR100 4,718 Decreased By ▼ -14.65 (-0.31%)
BR30 22,320 Decreased By ▼ -482.1 (-2.11%)
KSE100 45,074 Decreased By ▼ -223.36 (-0.49%)
KSE30 17,742 Decreased By ▼ -68.18 (-0.38%)

Coronavirus
HIGH Source: covid.gov.pk
Pakistan Deaths
27,566
4224hr
Pakistan Cases
1,238,668
1,78024hr
3.98% positivity
Sindh
455,065
Punjab
428,394
Balochistan
32,849
Islamabad
105,021
KPK
173,023
World

US new home sales drop for third straight month in June

  • Sales in June were 6.6 percent lower compared to May's downwardly revised rate
26 Jul 2021

WASHINGTON: Sales of new homes in the United States dropped for a third straight month in June, even as prices dipped from their record high and supply increased, government data said Monday.

The seasonally adjusted annualized rate of 676,000 new homes sales reported by the Commerce Department last month was much less than expected and provided the latest evidence the real estate boom seen during the pandemic is tapering off.

"Demand is mean-reverting to its pre-Covid pace, after the dash to the suburbs triggered by the start of the pandemic," Ian Shepherdson of Pantheon Macroeconomics said.

Sales in June were 6.6 percent lower compared to May's downwardly revised rate, while the median sales price, not seasonally adjusted, declined to $361,800, down from its peak of $380,700 the month before.

New US homebuilding jumps sharply in June

Supply increased to 6.3 months at the current sales pace, rebounding from the low of 3.5 months seen last summer, when buyers were flocking to the real estate market, fueled by low mortgage rates and the disruptions to daily life Covid-19 created.

Compared to the same month last year, sales were 19.4 percent lower.

"We hope that a sustained strengthening in the labor market will boost activity again later in the year, but today's data should be the final nail in the coffin of the 'housing boom' narrative in the media," Shepherdson said.

The fall in sales was uneven, with the Northeast seeing a massive 27.9 percent decline, the South falling 7.8 percent and the West dropping 5.1 percent.

Sales rose in the Midwest 5.7 percent.

Comments

Comments are closed.