New Homes Sales in July 2009

Monday, August 31, 2009 - By Gate Arty

The United States Commerce Department announced that sales of new construction homes rose 9.6% in July.  This is the highest increase in 4 years. The housing sector appears to be showing some signs of stabilization. Regionally, the Northeast saw a 32% rise in sales, while the South saw a 16% rise, and the West saw a 1% rise. Sales did drop 7.6% in the Midwest. With inventory finally beginning to decrease, demand appears to be gaining some momentum. There were 271,000 houses on the market last month, down 35% from July 2008 and the fewest since March 1993. At the current sales pace, it would take 7.5 months to sell all homes.

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