Home Sales Take Biggest Jump in 8 Years
By Kevin Spak, Newser User
Posted Jul 27, 2009 9:36 AM CDT
In this June 16, 2009 photo, a new home sign points to a home in Happy Valley, Ore.   (AP Photo/Rick Bowmer)

(Newser) – New home sales jumped 11% in June, the biggest gain in eight years, the Commerce Department announced today, as the supply fell to its lowest level in more than a decade. With mortgage rates and prices staggeringly low—the median home price fell 12%—buyers came out of the woodwork. Sales increased to a 384,000 annual pace, topping estimates, which had ranged from 335,000 to 377,000, Bloomberg reports.

“Things are bottoming,” said one economist, though he noted that “it’s going to be difficult for builders to be selling at a more rapid rate until the foreclosure issue subsides.”

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Showing 3 of 7 comments
Jul 28, 2009 10:32 AM CDT
Best wishes to you on your new house.
Jul 28, 2009 4:43 AM CDT
If you have the money its an excellent time to buy. I just moved into my first house on Sat!
Jul 27, 2009 10:38 AM CDT
Amazing isn’t it how we go from a housing slump in one month to records home sales the next. Within the last 1 ½ years I’ve lost faith in our economy; I’m still devastated by the loss in the stock market. I wouldn’t count too much on this rise in home sales to get the economy back on track, there are still many other variables to consider and there’s always economic data coming out for next month (things change). Although I do hope our economy recovers quickly; I still find the future very uncertain.