Sales of newly built, single-family homes rose 11% in June, 2009 to a
seasonally adjusted annual rate of 384,000 units, according to numbers released by the U.S. Commerce
Department. Coming on the heels of an upwardly revised number for May, the gain
marks a third consecutive month of improved sales activity.
“This 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% to 281,000 units. This marks a relatively thin
8.8-month supply at the current sales pace.
New-home sales rose by double-digits in the Northeast (29.2%), Midwest
(43.1%), and West (22.6%) in June. Meanwhile, sales activity declined 5.3% in
the South, which is the country’s largest housing market.
Information provided by:
Liane Thomas, REALTOR(R) dre ca 01704162
Thomas Group, Keller Williams Realty
Serving Corona, Riverside, Norco, and surrounding communities
www.AllCoronaHomes.com
951.454.3805
