(PRWEB) September 13, 2012
Homes.org has released a monthly report that details the July new home sales and starts throughout the United States. The report examines key findings for new home sales in addition to forecasts for what buyers and sellers will likely see in the months to come based on the market activity in July.
The July New Home Sales Report held positive news and the New Housing Starts report suggests that home building continues to move in the right direction. Overall, the numbers for the year continue to improve even though they are still well off the peak.
Key Findings in the July 2012 New Home Sales and Starts Reports include:
- Annual rate of new home sales was 372,000 in July
- 3.6% more new homes sold compared to June
- Year to date the number of new homes sold is 25.3% higher than July 2011
- Inventory was down again in July to 142,000 new homes on the market
- Median New home price dropped 3.6% compared to June 2012
- Annual rate for building permits for privately owned housing units was up to 812,000
- Privately owned housing starts annual rate was down slightly to 746,000 in July
- 502,000 – annual rate for single-family housing starts
- Annual rate for privately owned housing completions was up to 668,000
- Annual rate for single-family housing completions was down to 448,000
July’s new home sales bounced back from a dip in June to reach the high set in May with an annual rate of 372,000. Experts are also hoping to see that high topped if the July numbers are revised favorably. The July annual rate is 25.3% higher than the same time last year, and is up 3.6% compared to June. But as always how things are trending for the year is much more important than the month-to-month numbers which can be volatile warn real estate experts. Factors contributing to the strengthening July sales include affordable home prices, low mortgage rates, and rising personal income.
Although new home sales have increased, builders have been tentative to follow, and so July saw new building numbers fall slightly. Housing starts were down 1.1% to an annual rate of 614,000. Although housing starts were down, building permits were up 4.5% in July compared to the month before.
Based on these numbers the housing market seems to have bottomed-out and we are seeing a slow climb back up to previous levels. Affordable home prices and mortgage rates are driving home sales while unemployment rates continue to remain a concern for prospective homebuyers.
To learn more or search for new homes for sales in your area, please visit: Homes.org
Homes.org is a fast growing real estate search portal that offers users much more than MLS listings. Homes.org gives users access to a rich collection of resources, including but not limited to, real estate listings, home owner finance tools, home service tools. Homes.org brings buyers, sellers and renters important information about the current markets and intelligent tools by partnering with real estate professionals from around the country. Homes.org is a subsidiary of Star Nine Ventures, Inc. headquartered in Austin, TX.
About Star Nine Ventures®
Star Nine Ventures® is an Austin-based, marketing-driven venture creation company targeting a wide range of national business-to-consumer online marketplaces. Star Nine's core mission is to build businesses that provide exemplary consumer experiences and unparalleled customer service.