I posted about existing home sales rising for the past three months on Friday, well now, we have more good news from the real estate sector…

New home sales rose by 11 percent in June, which is the largest amount of growth in nearly nine years. Experts are hoping these signs show that a near-dead housing market is finally bouncing back from its worst point in decades.

Bargain prices, low interest rates and a federal tax credit for first-time homeowners all had a hand in the rise.

“While home prices are still falling, the figures released Monday were another sign the housing market is finally bouncing back. Earlier this month, the government reported that new home construction rose to the highest level since last fall. And data out last week showed home resales rose almost 4 percent in June, the third straight monthly increase.”

“‘The worst of the housing recession … is now behind us,’ said David Resler, chief economist at Nomura Securities. ‘We’re turning the corner toward increased activity in housing.’”

Check out the original articles and get the details: New U.S. Home Sales Rose by 11 Percent in June

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In a upward swing, existing home sales have rose for the third straight month according to the the National Association of Realtors.

“Existing home sales rose by 3.6% in June, slightly more than expectations, with the inventory of unsold homes dropping considerably.

“According to the industry group, the number of homes sold in June came in at an annually-adjusted rate of 4.89 million homes, compared with the 4.85 million expected by economists, according to Thomson Reuters.”

‘The nation’s housing inventory in June fell by 0.7% to 3.82 million, representing a 9.4-month supply, down from a 9.8-month supply in May.”

The average price of a home sold in June was $181,600, down 15.0% from a year ago.

Check out the original article: Existing Home Sales Up 3rd Straight Month in June

RealDealDocs.com is a division of Practice Technologies, Inc. the creators of SmartRules.com. SmartRules provides step by step guides to local rules and civil procedure for state courts & federal courts throughout the country.

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