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.
