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New Home Sales increase 9.6 Percent in July

New Home Sales rose 9.6 percent in July from June to an annual pace of 433,000, according to the U.S. Department of Commerce.

The average sales price of a new home nationally in July was $269,200, and the number of new homes on the market at the end of July was 271,000, or a 7.5-month supply, based on the current sales rate, the agency said.

The increase in sales was the largest monthly gain since February 2005, and the unsold inventory of new homes was the lowest in 16 years.

The Commerce Department also revised June sales figures to 395,000, up from 384,000.

The report on new home sales comes less than a week after the National Association of Realtors reported that sales of existing homes, which constitute the majority of housing sales, rose to a two-year high. Existing home sales rose 7.2 percent, to an annual pace of 5.24 million.

It was the fourth-consecutive monthly increase in existing home sales.

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Published Thursday, August 27, 2009 6:51 AM by larry Brewer

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