Housing market still seeking a bottom

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.