Tuesday, July 28, 2009

New Home Sales Increase 11%

From the WSJ:

Sales of single-family homes increased by 11.0% to a seasonally adjusted annual rate of 384,000 compared to the prior month, the Commerce Department said Monday. Though, year-over-year, new-home sales were 21.3% lower than the level in June 2008.

The median price for a new home was $206,200 in June, down 12.0% from $234,300 in June 2008. On a monthly basis, the price fell from May 2009's $219,000.

The best best is it is beginning to look as though new home sales have put in a bottom:

Calculated Risk is arguing we'll have a double bottom in housing -- one in sales and one in prices. I think that makes a tremendous amount of sense.