New Home Sales up in June
August 5, 2010
June was a good month when it comes to home sales, which rose 23.6 percent to be at a seasonally adjusted annual rate of 330,000 from a rate of 267,000 for the month of May. Economists had speculated 310,000 units. On a year over year basis, new home sales have decreased 16.7 percent.
The Standard & Poor’s/Case-Shiller 20-city housing price index reported the seasonally adjusted basis increased in May 1.3 percent while it was showed an increase of 0.9 percent in April. Year over year property valued rose 4.6 percent, which was the largest increase since August of 2006.
Consumer confidence decreased to 50.4 in July after a larger percent in June of 54.3 percent. Economists had speculated a number of 51. For your information, the index was benchmarked in 1985 at 100, as this year did not have a peak or a depression in consumer confidence.
The Mortgage Bankers Association reported its seasonally adjusted composite index of applications for mortgages for the week that ended on July 23 decreased 4.4 percent, whereas applications for refinancing decreased 5.9 percent while purchase volume rose 2 percent.
Durable good order decreased one percent in June after a decline in May of 0.8 percent. This report was on products that should last three or more years.
First claims for unemployment benefits decreased to 457,000 after falling 11,000 for the week that ended on July 24. Those renewing claims for the week that ended on July 17 increased to 4.57 million after an increase of 81,000.
The report on gross domestic product by the Commerce Depart stated the total output of services and goods created in the United States rose at an annual rate of 2.4 percent for the 2nd quarter of 2010. Economists had speculated a bit larger increase of 2.5 percent. This increase follows a 3.7 percent pace of growth during the 1st quarter of 2010.
Economic calendars coming up include August 2 construction spending, August 3 pending home sales, and August 6 consumer credit
7 Comments to New Home Sales up in June
Comments
So glad to see that new home sales are starting to go up again even after the loss of the 1st time purchase tax credit. Hopefully this trend can continue through the year.
Maybe in another four or five years more people will be out of the hole and no longer be upside down.
It great to see that home sales are up however I hope that these government reported numbers in general aren’t tainted just to paint to us a brighter picture.
The real estate market is large in this year. I think many people lost their homes and others are moving to another location for their business and job needs.
Wow I can’t believe that real estate went up. Seems like we have a long way to go in this economy. And if people are premitted to stay in there homes so long after being forclosed on we are going to continue to see this issue.
That is good that new homes are up for June. Do you know yet how it was for July there? I know that here our number of transactions were down but the average price per square foot was up slightly.
The real estate market is large in this year.
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