US June new home sales down 3 pct

Forbes reports:

Sales of new homes fell in June for the first time since February as the supply of homes on the market jumped to the highest level on record, the Commerce Department said Thursday.

The Commerce Department said new home sales fell 3 pct to 1.131 mln units in June. The inventory of new homes on the market rose 0.7 pct to a record 566,000 units. If the rate of sales stays at levels seen in June, the supply of new homes on the market would take 6.1 months to sell -- the highest ratio of houses for sale to houses sold since March.

Sales fell in every region except the West.

The median price of a new sold home fell 1.5 pct in June to 231,300 usd. Median prices are up 2.3 pct in the past year.

Heh,T-bills outperformed the median percentage price increase.That's something to think about.