What u asked for in chat>>New Home Sales Surge After One-Month Payback Period
10:45 AM ET 7/26/10 | Briefing.com
After a one-month payback period, buyers returned to the housing sector as sales jumped 23.6% in June to 330,000 units. The Briefing.com consensus expected sales to rise to 310,000.
If sales continue to pick up over the next few months, a severe double-dip contraction in housing may be averted.
Unfortunately, not all of the news was good. Sales in May -- which were already at the lowest level in the history of the data set -- were revised 11.0% lower to 267,000. With the revisions, total sales in May and June were actually 13,000 lower than the consensus was forecasting.
Further, sales are down 16.7% since June 2009. Looking ahead to growth in July and August, it will probably remain negative for the near future.
Still, it is a little reassuring to see new home sales pick up on a month-to-month basis, especially since mortgage applications remain near their historic lows and the NAHB market index continues to underperform expectations.
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