(MarketWatch) - Sales of new single-family homes fell 8.4% in June to an annual rate of 350,000 after reaching a two-year high in May, the U.S. Commerce Department said Wednesday. Economists polled by MarketWatch had forecast new home sales to rise to an annual rate of 375,000 last month. Sales in May were revised up to a seasonally adjusted 382,000 from an initial reading of 369,000 - the best month of sales since April 2010.
The median price of new homes, meanwhile, fell 1.9% in June to $232,600, the lowest level since January. The supply of new homes on the market would last 4.3 months if they were all sold before any others were built. That's up from 4.0 months in May. Sales of new homes rose the fastest in the Northeast and fell the most in the South.