New home sales down 1 percent in June

Sales of new single-family homes fell 1 percent from May to June, the U.S. Commerce Department said Tuesday. Home sales in June came in at a seasonally adjusted annual rate of 312,000. In May, 315,000 new homes were sold, the department said, revising last month's estimate slightly higher. June's rate came in 1.6 percent above the 307,000 new single-family homes sold in June 2010. The Commerce Department said the average sales price for a new home sold in May was $235,200. At the end of June, there were 164,000 new homes on the market, a 6.3-month supply at the current rate of sales, the Commerce Department said.