New us home sales fall as prices start to rise

New single-family home sales unexpectedly fell in June, but a sharp rise in prices and declining supply suggested the market for new houses was starting to stabilize, a government report showed on Tuesday.

Other data showed consumers grew more confident about the future this month, even though there were still concerns about lack of jobs.

The Commerce Department said new single family homes sales slipped 1 percent to a seasonally adjusted 312,000-unit annual rate. However, the median sales price for a new home increased 5.8 percent last month to $235,200.

Compared to June last year, the median price rose 7.2 percent. The rise in prices is the latest sign that home values are starting to stabilize.

Source: MSNBC