Washington. Sales of newly built single-family homes rose 2.4 percent to a seasonally adjusted annual rate of 515,000 units in July, the Commerce Department reported today. The report also indicated continuing contraction in the number of new-homes for sale as builders keep a tight rein on inventories to help restore better balance between market supply and demand.
"While the improvement in new-home sales in July is definitely a favorable development, it comes on the heels of two consecutive months of significant downward revisions to sales numbers for May and June, so we have to keep the latest report in perspective," said NAHB Chief Economist David Seiders. "Nevertheless, we are cautiously optimistic that home sales are approaching a bottom, and that the newly enacted first-time home buyer tax credit (which went into effect as part of the housing stimulus bill on July 30) will help stimulate sales and provide crucial support for a market turnaround."
Commerce's report indicated that the inventory of new homes for sale declined for a fifteenth consecutive month in July to 416,000 units, the lowest number since April of 2007. This reflects a 10.1 months' supply at the current sales pace, down from 10.7 in June.
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