According to government data released today, US new home sales increased 9.6% in July vs June. Sales of new single-family homes rose to a seasonally adjusted annual rate of 433,000.
Nonetheless, the July sales figure was 13.4%Â below the sales pace of a year ago, and gains came amid price cuts. Also, the median sales price of new houses sold in July 2009 was 210,100 dollars, down slightly from 210,400 in June and 11 percent below last year’s median price.
The average sales price of 269,200 dollars was down 2.7 percent from a month earlier and off 10 percent from a year earlier.
Also, in a report by The Mortgage Bankers Association, it was shown that U.S. mortgage applications rose for a second straight week, with demand for home refinancing loans rising to its highest level since early June.
Applications for loans to buy a home, an early indicator of sales, rose slightly, but nevertheless gained for a fourth consecutive week. The seasonally adjusted index of mortgage applications, which includes both purchase and refinance loans, for the week ended Aug 21 increased 7.5 percent.
With the dollar strengthening, I see this as a good sign. It may help interest rates to subside a bit. BUT, we have so far to go to get back to anything like a normal market.
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Home prices will fall up to 50%, the Fed can’t keep up with the jingle mail folks, cutting rates to 0 = 33% inflation. Poor, poor timing. Jimmy Rogers recently called on Blind Ben to resign, a total screw up.
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The housing market is in balance, when you can buy your house with your income. Can you? There is still long way to go!
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