Sales of newly built, single-family homes fell 6.6% in June to a 676,000 seasonally adjusted annual rate, according to data by the U.S. Department of Housing and Urban Development and the U.S. Census Bureau.
The June number follows downward revisions to the May estimate and marks the lowest rate since April 2020, the National Association of Home Builders (NAHB) writes.
Despite the recent cooling trend, new home sales are up 13.5% on a year-to-date basis, NAHB added.
"Sales continued to trend lower in June as some builders slow sales contracts to manage supply-chains, amidst longer delivery times and higher construction costs," said Chuck Fowke, NAHB chairman and a custom home builder from Tampa, Fla. "While lumber prices have shown some improvement in spot markets, these declines take time to translate into lower construction costs. Moreover, other items like OSB remain elevated."