| New-home sales up 11% in June from previous month |
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Price cuts and tax credits provide a boost. Still, 2009 is shaping up to be the worst year for new-home sales since at least 1963.
Sales of new single-family homes were up 11% in June from the month before, as buyers responded to price cuts and tax credits meant to clear the still-massive backlog of unsold homes.
June's sales total was still the lowest for the month since 1982 and was 21% below the same month the prior year, U.S. Census Bureau data showed. The seasonally adjusted annual rate for new-home sales in June was 388,000, the Census Bureau said. If that sales pace holds, 2009 will be the worst year for new-home sales since the bureau began tracking them in 1963. Last year's new-home sales total of 485,000 was the lowest since 1982. The median new-home sales price in June fell to $206,600 as builders slashed prices to clear glutted inventories. The June median price was down 12% from $234,300 in June 2008. New homes sold in June had been on the market a median of one year since construction was completed, compared to eight months in June 2008. The sharpest increase in June sales over May was in the Midwest, which posted a 43% gain. New-home sales in the West were up 23% over May.
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