Sales of new single-family homes fell in June but declining inventory and rising prices suggest the market for new homes is beginning to stabilize. According to estimates from the U.S. Census Bureau and the Department of Housing and Urban Development, new home sales fell 1.0 percent from the month before, though they were 1.6 percent above June 2010. The number of new homes for sale at the end of the month was 164,000, which represents a 6.3-month supply at the current sales pace. The median sales price for new houses was up 7.2 percent from a year earlier. More here and here.

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