New Home Sales Up 9.6%

27 08 2009

There’s more promising news from the housing front.

The U.S. Department of Commerce reports that sales of new homes rose 9.6 percent in July, to a seasonally adjusted annual rate of 433,000. That’s above the revised June rate of 395,000, but 13.4 percent below July 2008’s rate of 500,000.

The median sales price of a new home sold in July was $210,100, while the average sales price was $269,200.

The seasonally adjusted estimate of new homes for sale at the end of last month was 271,000, representing a 7.5-month supply at the current sales rate. In the South, the seasonally adjusted estimate of new homes for sale at the end of last month was 222,000.

Home sales in the South rose 16.2 percent in July over June. Only the Northeast fared better, with home sales up 32.4 percent in the same month-over-month period.

Source: The U.S. Department of Commerce

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