New Home Sales Increase in July
Posted by Kathie Shandro on Wednesday, August 26th, 2009 at 11:00am.New home sales climbed more than anticipated in July, CNN reported today. This is the the fourth straight month of climbing sales, providing encouraging evidence that new home construction is emerging from the worst downturn in decades.
Sales of single-family homes increased by 9.6% compared to June 2009, the Commerce Department said Wednesday. That was the highest number sold since September 2008 and well above economists projections for a 1.6% gain.
July's increase was the fifth in seven months. Economists believe buyers are returning to the market due to affordable pricing, low interest rates and the $8,000 first-time homebuyers tax credit, which expires December 1.
"July's gains offer additional evidence that the housing sector is improving," noted Kathie Shandro, Realtor at RE/MAX in Denver. "With sales increasing significantly above analysts' expectations and with the decreasing supply of existing new homes, the industry is showing healthy signs of rebound."
Kathie Shandro
Licensed Colorado Realtor®
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