Sales of Single-Family Homes Climbed 11% in June Compared to May
There was some good housing news for a change. The Wall Street Journalreports that sales of single-family homes increased by 11.0% 11% in June 2009 compared to May 2009.
The increase was the fourth in six months, as buyers take advantage of falling prices. It appears new-home sales reached a bottom in January, at a level of 329,000, and that the market is beginning to recover slowly. The level of 384,000 in June was the highest since 390,000 last November.
Home construction unexpectedly rose in June, the government said July 17. Housing starts increased 3.6% to a seasonally adjusted 582,000 annual rate compared to the prior month. The starts data also showed building permits surged, and single-family starts made their biggest climb in four years.
May new-home sales rose 2.4% to an annual rate to 346,000, Monday's data showed. Originally, the government said May sales fell, sliding 0.6% to 342,000. April sales climbed 1.8%.
The June 2009 figures were better than the May 2009 figures but new home sales for June 2009 were still 21.3% lower than June 2008. At least the month-to-month comparison was positive.
