Newly-built homes sales are declining across the country, bringing them to the lowest monthly rate since the beginning of the Covid-19 pandemic.
The sales have dropped for nearly $675,000 or 6.6% from May to June.
Despite expectations of analysts, which were expecting more than a 3% increase from May to June 2021, the Commerce Department statistics show sales in June 2021 were down 19% year-to-year.
The month-to-month decline in new home sales in June followed a 10% drop in April and a 7% drop in May. The rate of new house purchases in June was the weakest since April 2020, when stay-at-home regulations and regional lockdowns shut down most of the economy.
People think that newly built homes are now financially out of reach for many people who are searching for houses as the housing has grown since the short recession that ended in the middle of 2020.
While the pace of sales decreased in June, the average price of a newly constructed house was 6% higher than a year ago.