New Home Sales up 9.6% Nationwide
The U.S. Commerce Department reports that New Home Sales for the month
of July increased 9.6% nationwide, the largest increase since February
2005. This marks the 5th increase in the past 7 months. New Home
inventory dropped to it's lowest level in 16 years. The median price
for a new home was $210,100 in July compared to $237,300 last year.
Home
sales are being driven by historically low interest rates and lower
prices due to forelcosures depressing values. The government is also
giving First Time Home Buyers a
$8000 Tax Credit as an incentive as well. The tax credit current expires on November 30th unless Congress approves an extension.