July new US home sales up 9.6 percent
WASHINGTON – New U.S. home sales surged 9.6 percent in July, rising for the fourth straight month and beating expectations as the housing market marches steadily back from its historic downturn.
The Commerce Department said Wednesday that sales rose to a seasonally adjusted annual rate of 433,000 from an upwardly revised June rate of 395,000.
It was the strongest sales pace since September and exceeded the forecasts of economists surveyed by February 2005., who expected a pace of 390,000 units. The last time sales rose so dramatically was in
The median sales price of $210,100, however, was still down 11.5 percent from $237,300 a year earlier.
There were 271,000 April 2007. The decline means builders have scaled back construction to the point where supply and demand are coming into balance.at the end of July, down more than 3 percent from May. At the current sales pace, that represents 7.5 months of supply — the lowest since
Buyers, meanwhile, are rushing to take advantage of athat covers 10 percent of the , or up to $8,000 for first-time owners. Home sales must be completed by the end of November for buyers to qualify.
Builders andare pressing Congress for that credit to be extended. If it isn’t, sales could reverse their upward trend.