New home sales bounced back in June, according to new numbers from the U.S. Census Bureau and the Department of Housing and Urban Development. Sales were up 1.6 percent month-over-month, the first increase in two months. National Association of Home Builders’ chief economist, Robert Dietz, says affordably priced new homes were particularly popular during the month. “New home sales are gaining some momentum at the more affordable range of the market, with homes priced below $300,000 accounting for 23 percent of June sales, up from 16 percent a year earlier,” Dietz said. “However, that price point is generally only achievable in markets with lower development and construction costs, particularly with respect to lower state and local regulatory costs.” Fortunately for new home buyers, prices have come down over the past year, falling 2.7 percent nationally. But while prices have slowed, the median price of a newly built home is still $398,300. (source)
