New Home Sales Reach 2-Year High
Posted August 27th, 2012 | by The Update
New home sales continue to rise, which is yet another sign that the housing market is improving:
Bloomberg: Purchases of new U.S. homes rose more than projected in July to match a two-year high, a sign [that] the recession is recovering.
Sales of new houses were up 25 percent from a year ago, a report from the Commerce Department showed. The median price for a new house decreased 2.5 percent in July from the same month last year, to $224,200.
The value of all U.S. homes climbed 1.8 percent in the second quarter from the previous three months, the biggest gain since late 2005, a report from the Federal Housing Finance Agencyalso showed.
“The new home sales market is clearly signaling a steady and fairly strong recovery,” said Michael Englund, chief economist at Action Economics LLC in Boulder, Colorado. “Demand should continue to climb right on into 2013.”
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