Sales of newly built single-family homes rose modestly in June after plunging the prior month. But they remained well below the pace of sales a year ago as the new-home market continues to flounder.
Estimates released Friday by the U.S. Census Bureau and Department of Housing and Urban Development showed a 1.6% monthly increase in new-home sales in June, lifting the seasonally adjusted annual pace to 628,000 units. New-home sales were approximately 5.6% lower than a year ago.
Year to date, new-home sales were 5.2% lower through the midpoint of the year, reflecting the challenges builders have faced in attracting buyers amid elevated home prices, rising mortgage rates over the past five months and dismal consumer sentiment.
“Builders are lea...