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AppraiserLoft Blog I Appraisal Industry News |
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Recent PostsBlogroll« TAVMA accuses NAMB of waging a “smear campaign” | Home | Chicago Lawyer Seeking Class Actions over HELOCs Against Wells Fargo, Chase, Others » New home sales climb 11 percent in June.By AppraiserLoft Team | August 3, 2009 The U.S. Bureau of the Census along with HUD released new residential sales data for June 2009. Sales of new one-family houses rose 11 percent in June, well above the rise of 2.3 percent expected by private-sector analysts. Read on for the National Association of Homebuilders’ response to the results. Sales of new one-family houses rose 11 percent in June, well above the rise of 2.3 percent expected by private-sector analysts, according to new residential sales data for June released jointly by the U.S. Bureau of the Census and the Department of Housing and Urban Development. “The evidence is clear that homebuyers are taking advantage of Recovery Act tax incentives, declines in home prices and relatively low mortgage rates,” U.S. Under Secretary for Economic Affairs Rebecca Blank said. “Both new and existing homes have become more affordable. While the economic environment remains difficult, as more Recovery Act dollars hit the streets, we anticipate that it will further bolster the economy in the coming months.” Sales of new one-family houses in June were at a seasonally adjusted annual rate of 384,000, according to the estimates. This is 11 percent above the revised May rate of 346,000, but is 21.3 percent below the June 2008 estimate of 448,000. The median sales price of new homes sold in June 2009 was $206,200; the average sales price was $276,900. The seasonally adjusted estimate of new houses for sale at the end of June was 281,000. This represents a supply of 8.8 months at the current sales rate, the report states. New residential sales data for July will be released on Aug. 26. “Today’s report is good news that indicates the nation’s housing market may be in the process of turning the corner,” said Joe Robson, chairman of the National Association of Home Builders (NAHB) and a home builder from Tulsa, Okla. “That said, the key to moving us out of recession is to get Americans back to work. Congress and the administration should know that housing can be a significant generator of good jobs. We need to make housing a priority in the recovery process, otherwise we could continue to bounce along a bottom for some time.” “The big gain in home sales last month was reflected in three out of four regions and helped shrink the inventory of new homes for sale to its lowest level in years,” said NAHB Chief Economist David Crowe. “Even so, the pace of home sales in June 2009 was still more than 21 percent off the pace of sales in the same month last year, so we still have quite a way to go. The concern now is that complicating factors — particularly job losses, appraisal issues that are torpedoing more than a quarter of new-home sales, and the impending expiration of the first-time buyer tax credit — threaten to stifle the positive momentum.” The number of newly built homes on the market declined for a 26th consecutive month in June, falling 4.1 percent to 281,000 units. This marks a relatively thin 8.8-month supply at the current sales pace, according to NAHB. New-home sales rose by double-digits in the Northeast (29.2 percent), Midwest (43.1 percent), and West (22.6 percent) in June. Meanwhile, sales activity declined 5.3 percent in the South, which is the country’s largest housing market.
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August 3rd, 2009 at 11:19 am
[...] thing we do know now is that banks are increasing their holdings of US Treasury securities: Aug. New home sales climb 11 percent in June. – blog.appraiserloft.com 08/03/2009 The U.S. Bureau of the Census along with HUD released new [...]