Housing Boom Is Over As New Home Sales Fall To Pandemic Low

Sales of newly built homes dropped in June to the lowest level since the early days of the coronavirus pandemic in April 2020, according to data released by the U.S. Census Bureau on Monday.

Sales of new single family homes fell to an annualized rate of 676,000, 6.6% below May’s rate of 724,000 and 19.4% below the June 2020 level of 839,000. Analysts were expecting new home sales to increase by 3.4% in June. After a year of frenzied buying and price gains in the double digits, newly built homes are now out of reach for much of the demand that remains in the market.