Sales of new homes rose slightly in June, hitting their highest level in three months, as demand for housing remained stiff, according to government data released Wednesday.
But prices retreated from an all-time high and supplies rose, suggesting new construction could be offering some relief to what has been an exceedingly tight market, according to the U.S. Commerce Department report.
Sales of new homes rose 0.8 percent for the month to an annual rate of 610,000, seasonally adjusted, marking the second straight increase and matching analyst expectations.
That put home sales last month 9.1 percent higher than June of last year.
The median price retreated from May’s all-time record, falling 4.2 percent to $310,800. The sales pace put the supply of available homes at 5.4 months, up slight from 5.3 months in May.
The stock of homes for sale rose to its highest level in eight years at an estimated