US New Home Sales Surge in July

  • 15 years ago
  • Uncategorized

New home sales in the United States rose by 9.6 percent in July, the fourth straight month of gains. The US Commerce Department released its latest report and indicated that sales rose to an annually adjusted rate of 433,000 from an upwardly revised June figure of 395,000. That is the strongest pace since September of 2008 and came in above many analyst’s predictions.


For the month of July, there were a total of 39,000 new homes sold across the United States. The South region of the country had the largest number of homes sold, with approximately 21,000. The Western region saw 10,000 new homes sold, with the East and Midwest making up the remaining sales.


At the end of the month, there were some 271,000 new homes on the market, which is a 7.5 month supply at the current pace of sales. That is the lowest supply available since April, 2007. The median sales price of new homes sold during July was $210,100, which is just slightly below June’s figure of $210,400. The 2009 number is still 11.5 percent below the July, 2008 median sales price of $237,300.


Home buyers in the US have been taking advantage of federal tax credits and first time homebuyer programs. In order to qualify for the program, purchases must be complete by the end of November.


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