U.S. new home sales rise 24 percent in June

00:52, July 27, 2010      

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New home sales in the United States rose 24 percent in June from a historical low in May, but the overall pace was still the second slowest on record, the Commerce Department reported on Monday.

New home sales rose to a seasonally adjusted annual rate of 330,000 in June, better than the 310,000 rate economists had expected. But it was still the second slowest pace since the department began tracking this data in 1963.

The larger-than-expected surge in June's figure was mainly because of an unprecedented collapse in the prior month. New home sales in May, which was initially reported at a historical low rate of 300,000, was revised downward to 267,000.

The poor performances of the housing market in recent months were primarily due to the expiration of a government tax break at the end of April, under which new home buyers could take advantage of tax credits of up to 8,000 dollars. Earlier this month, Congress extended the deadline to the end of September.

June's number suggested that the housing market have somewhat recovered from the deep-slump of the post-incentives period, but is still weak and may continue to weigh on the fragile economic recovery.

The report also showed that the median price of a new home, a typical market price where half of new homes are sold for more and half sold for less, fell to 213,400 in June, down 0.6 percent from a year earlier and down 1.4 percent from May.

Source: Xinhua


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