by Robert Denk
Today’s June new home sales report from the Census Bureau showed more of the bouncing along the bottom that we’ve seen throughout the housing sector. The June pace of new single family home sales was 312 thousand, compared to a revised 315 thousand for May. Sales have hovered in this range since the expiration of the homebuyer tax credit in April 2010. The inventory of new homes for sale continued its steady decline to 164 thousand, the lowest level on record (beginning in 1963).