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New-Home Sales Rise 11% in June
Sales of newly built, single-family homes rose 11% in June to a seasonally adjusted annual rate of 384,000 units, according to U.S. Commerce Department figures released on July 27. Coming on the heels of an upwardly revised number for May, the gain marks a third consecutive month of improved sales activity.
"The June report is good news that indicates the nation's housing market may be in the process of turning the corner," said NAHB Chairman Joe Robson. "That said, the key to moving us out of recession is to get Americans back to work. Congress and the Administration should know that housing can be a significant generator of good jobs. We need to make housing a priority in the recovery process, otherwise we could continue to bounce along a bottom for some time."
"The big gain in home sales last month was reflected in three out of four regions and helped shrink the inventory of new homes for sale to its lowest level in years," said NAHB Chief Economist David Crowe. "Even so, the pace of home sales in June 2009 was still more than 21% off the pace of sales in the same month last year, so we still have quite a way to go. The concern now is that complicating factors — particularly job losses, appraisal issues that are torpedoing more than a quarter of new-home sales, and the impending expiration of the first-time buyer tax credit — threaten to stifle the positive momentum."
The number of newly built homes on the market declined for a 26th consecutive month in June, falling 4.1% to 281,000 units. This marks a relatively thin 8.8-month supply at the current sales pace.
New-home sales rose by double-digits in the Northeast (29.2%), Midwest (43.1%) and West (22.6%) in June but declined 5.3% in the South, which is the country's largest housing market.
 Tax Credit Web Site Looks at Opportunity of a Lifetime
Builders and other industry professionals can help spur home sales by referring prospective first-time home buyers to www.federalhousingtaxcredit.com. The NAHB Web site provides detailed information on the $8,000 federal tax credit for first-time home buyers included in the economic stimulus legislation signed into law by President Obama.
Consumers can use the Web site to find information on the tax credit — including a detailed question and answer section. It also includes information about other housing-related and small business measures in the legislation and a number of home-buying resources for consumers.
Spanish Version Also Available Online
A Spanish version of this increasingly popular Web site is also available to provide detailed information on the tax credit to Spanish-speaking first-time home buyers.
Industry professionals are encouraged to highlight either tax credit Web site when marketing to their potential first-time home buyer market.
 Want to Know the Housing Starts Through 2017?
Find out in HousingEconomics.com's Long-Term Forecast.
Subscribe and get downloadable Excel tables that feature the housing starts forecast, gross domestic product (GDP), demographics and more.
To learn more, visit www.housingeconomics.com.
 Plan to Attend Construction Forecast Conference
Plan to attend or watch the 2009 Fall NAHB Construction Forecast Conference & Webcast on Oct. 21 in Washington, D.C. to get the latest facts, insights and analysis of the housing industry.
Panels of nationally recognized experts at the day-long conference will discuss economic trends, government policies, developments in the housing industry and the results from NAHB's recent surveys.
For more information and to register, visit www.nahb.org/cfc.
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