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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I am torn by this. On one hand, I am glad that it looks like we might be able to turn around our economic state, but on the other hand, I was planning on getting my first house in the next couple years!!