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Consumer confidence and home sales on this rise
Interesting Information.  Are we seeing a change in the direction of our current market?  read on...
Real Estate News & Commentary by Chris McLaughlin, August 26, 2009
New home sales rise 9.6% in July, the highest in 4 years
According to the Commerce Department, sales of new homes rose 9.6% to a 433,000annual pace in July; this was the highest pace in 10 months. The data points tostabilization in the housing sector which has been in slump since 2005. Themedian price of a new home decreased 12% to $210,100 from $237,300 in July 2008.Sales of new homes were down 13% from a year earlier. "The housing market isbottoming out,'' said Conrad DeQuadros, a senior economist at RDQ Economics. "Atthe same time, it's not going to turn around very quickly.''
The Northeast saw a 32% rise in sales, while the South saw a 16% rise and theWest saw a 1% rise. Sales dropped 7.6% in the Midwest. There were 271,000 houseson the market last month, down 35% from July 2008 and the fewest since March1993. At the current sales pace, it would take 7.5 months to sell all homes.Unemployment continues to remain a concern for the housing market. Analysts saythat housing recovery ... more

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