Fishing for something negative, doomsayers continued to point to year over year home price declines. However, when closely examining data for the more recent 4-5 months, it should be no surprise that home prices have bottomed and that in many markets the prices are rebounding.
Monday, July 27, 2009
New Home Sales Jump; Supply Plummets; Prices Bouncing
New home sales added to our run of good news in the housing market on Monday. Sales jumped 11.0 percent in June to an annual rate of 384,000 and the highest rate this year -- well above any economists' estimates. In fact the month-to-month percentage change was the highest in nearly 9 years. But the best news in the data was that the strong sales sucked down new home market supply. Supply fell precipitously from 10.2 months in May to 8.8 months in June for the lowest supply reading in 23 months. With the significant supply shrinkage, the total number of new homes now on the market is the lowest in 11 years.
Fishing for something negative, doomsayers continued to point to year over year home price declines. However, when closely examining data for the more recent 4-5 months, it should be no surprise that home prices have bottomed and that in many markets the prices are rebounding.
Fishing for something negative, doomsayers continued to point to year over year home price declines. However, when closely examining data for the more recent 4-5 months, it should be no surprise that home prices have bottomed and that in many markets the prices are rebounding.
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If you also want to know everything about the asia economy you can go to Asia Economic Institute (www.asiaecon.org). Its mission is to encourage transparency of informatin within and among Asian nations by delivering a reliable, precise and interactive flow of pertinent informatin about economic markets. "We feel that a more transparent business climate will benefit every Asian nation", states the director Ryamond Mobrez
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