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Sales of new single-family homes dropped 2.5% in June after increasing for three consecutive months, according to data.

What’s going on: New construction sales fell to a seasonally adjusted 697,000 units last month from a revised May rate of 715,000 units.

• The median sales price of new homes in June was $415,400, down from $416,300 in May.
• Purchases of new homes declined in Midwest and West, but continued to grow in the Northeast and South.

Still higher than 2022: However, June’s sales rate is 23.8% above last June’s estimated rate of 563,000 units.

Supply: June also saw a new-home supply of 7.4 months, up from May’s 7.2 months.

The 17�Թ�����’s take: “The housing market continued to be challenged by affordability issues and an uncertain economic outlook,” 17�Թ����� Chief Economist Chad Moutray said. “Still, with inventories low, tremendous demand and need exist for more housing.”