July 26, 2010; New Home Sales Rise In JuneAccording to the Commerce Department, new home sales were up 23.6 % from May, although even at that it was the second lowest rate since 1963. Still, the Commerce Department suggested that with these numbers it appears that the housing market is close to working through the distortions created by the home buyer tax credit that expired April 30th.
The number of new homes on the market in the United States dropped 1.4% to 210,000 homes, the lowest level since September 1968. Furthermore, last month’s surge in sales saw the inventory of new homes drop to 7.6 months supply, from 9.6 months supply in May. The median sale price for new homes dropped 1.4% to $213,400; in the 12 months to June prices had dipped 0.6% in total.
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