Housing market still seeking a bottom

Rick Moran
Ed Morrissey at Hot Air reports on new housing sales in July, linking this report:

Sales of new single-family houses in July 2011 were at a seasonally adjusted annual rate of 298,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 0.7 percent (±12.9%)* below the revised June rate of 300,000, but is 6.8 percent (±13.5%)* above the July 2010 estimate of 279,000.

The median sales price of new houses sold in July 2011 was $222,000; the average sales price was $272,300. The seasonally adjusted estimate of new houses for sale at the end of July was 165,000. This represents a supply of 6.6 months at the current sales rate.

Until the market finds a bottom, home sales, both new and existing dwellings, will suffer. Nobody wants to buy a home that will lose value. And the fact that housing is still depressed has stifled any hope of recovery.





Ed Morrissey at Hot Air reports on new housing sales in July, linking this report:

Sales of new single-family houses in July 2011 were at a seasonally adjusted annual rate of 298,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 0.7 percent (±12.9%)* below the revised June rate of 300,000, but is 6.8 percent (±13.5%)* above the July 2010 estimate of 279,000.

The median sales price of new houses sold in July 2011 was $222,000; the average sales price was $272,300. The seasonally adjusted estimate of new houses for sale at the end of July was 165,000. This represents a supply of 6.6 months at the current sales rate.

Until the market finds a bottom, home sales, both new and existing dwellings, will suffer. Nobody wants to buy a home that will lose value. And the fact that housing is still depressed has stifled any hope of recovery.