New home sales increased 1.6% month-over-month in June to a seasonally adjusted annual rate of 628,000 (consensus: 620,000) from an upwardly revised 618,000 (from 580,000) in May. On a year-over-year basis, new home sales were down 5.6%.
The key takeaway from the report is that monthly sales increases were seen in all regions, except the high-priced West region, where added affordability constraints are posed by higher mortgage rates.