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New Us Home Sales Beat Forecasts On 11% Rise

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New home sales jumped 11 per cent in June, the biggest monthly increase in eight years, raising hopes that the housing market downturn that has plagued America since 2005 is bottoming out.

Sales hit an annual rate of 384,000 last month, the best reading since last November according to figures released today by the US Commerce Department, above economists' expectations of 360,000. The last time sales rose so dramatically was in December 2000.

At the same time, the number of new houses for sale hit an 11-year low of 281,000, down 4.1 per cent on May.

At the current rate of sales, it would take 8.8 months to sell all of the homes that builders have available - the lowest level of housing supply since October 2007.

The median sale price for a new house fell 5.8 per cent in June to $206,200, down from $219,000 in May.

Compared to June last year, when the median house price was $234,400, sales were down 21 per cent.

Paul Ashworth, senior US economist at Capital Economics, said: "Activity is stabilising, albeit at very low levels, but prices will continue to fall for the foreseeable future."

Sales up but prices still falling.

I wonder how many have bought thinking we are near the bottom?

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Commercial Real Estate is also booming in the U.S!

Smell another bailout anyone??


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