Jul
28

A New Start for New Construction

July 28, 2010

There’s good news for new construction. Well, sort of.

The U.S. Commerce Department is reporting that the sales of newly built, single-family homes rose 23.6 percent to 330,000 units in June.

Of course, this is coming off May’s historic low of only 267,000 new homes sold.

If you average out the number of homes sold between May and June, you get 298,500 units, which is the lowest two-month level ever recorded.

Still, you have to start somewhere.

The sale of new homes increased throughout the country except for the West region, which saw sales fall 6.6 percent to a new record low. The Midwest saw an increase of 20.5 percent, the South went up 33.1 percent and the Northeast rose a whopping 46.4 percent.

“Today’s numbers are an encouraging sign that new-home sales are coming back from an expected slow period that followed the expiration of the home buyer tax credit program,” said Bob Jones, chairman of the National Association of Home Builders (NAHB). “While we still have quite a way to go on the path to recovery, it’s good to see that we are headed in the right direction.”

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