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2.7%  Q1 GDP    4.57%  avg. 30-year mortgage     9.5%  Unemployment

New Home Sales Surge Nearly 10% in July

Sales of new homes surged 9.6 percent in July compared with June, stoking hopes that the new-home market has found a bottom, the Commerce Department reported moments ago.

Sales rose to an annualized rate of 433,000 homes, up from 395,000 in June.

The number reflects contracts signed for new homes, rather than closings, as consumers took advantage of the $8,000 first-time home buyer credit, which expires at the end of November.

The median price for a new home is now $210,000, down from $237,300 one year ago.

The inventory of unsold new homes dropped from 8.5 months to 7.8 months in July. A healthy housing market carries a six-month inventory.

-- Frank Ahrens
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By Frank Ahrens  |  August 26, 2009; 10:11 AM ET
Categories:  The Ticker  | Tags: Commerce Department, new home sales  
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Comments

Ideas
Throw the Blackberry away and enjoy life.
Don't expect victory dances anytime soon.
Quit while ahead. Then restart and stay ahead.
Avoid speaking fees. doom for dollars. Yuk.
Buy a few new purses. Silk is nice.
Don't mortgage the kids. They won't pay.
Enjoy life and profits.
Feed the birds.

Posted by: Dermitt | August 26, 2009 11:14 AM | Report abuse

FEDERAL HOME LN MTG CORP 2.65 and going down. No profit motive and little interest.
If they can now just write a bunch of bad mortgages, we all get poor. You'll get paid for actual losses. Bigger losses mean bigger bonuses. I need $4 million, I promise to lose it. Then I'll need another $2 million and here come the turkeys up from the woods. Thanksgiving.

Posted by: Dermitt | August 26, 2009 11:30 AM | Report abuse

I shot them for you. http://twitpic.com/fc49t
Turkey stock.

Posted by: Dermitt | August 26, 2009 11:45 AM | Report abuse

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