New Home Sales Rise in June

The U.S. Commerce Department today reported sales of new, single-family houses in June rose 23.6 percent from May.  May’s numbers were sharply down, mostly due to the expiration of the federal housing tax credit on April 30. June’s results, while still down 16.7 percent from a year ago, did provide some positive news. The 23.6 percent increase from May was higher than analysts expected and The Commerce Department also reports the supply of new homes on the market represented 7.6 months worth of inventory, down from 9.6 months in May. Decreasing inventory is a positive sign for the housing market and the 210,000 new homes available on the market in June represented the lowest level in over 40 years.

Sales increased in all areas of the country except the West, which experienced a 7 percent drop. Sales rose the most in the Northwest, where they increased by more than 46 percent.  The South region had sales climb by 33 percent while sales in the Midwest rose 21 percent.

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