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NAHB Press Release – July 27, 2009

The National Association of Home Builders is reporting that sales of new homes rose in June by 11 percent.

Sales of newly built, single-family homes rose 11 percent in June to a seasonally adjusted annual rate of 384,000 units, according to U.S. Commerce Department numbers released today. Coming on the heels of an upwardly revised number for May, the gain marks a third consecutive month of improved sales activity.

“Today’s report is good news that indicates the nation’s housing market may be in the process of turning the corner,” said Joe Robson, chairman of the National Association of Home Builders (NAHB) and a home builder from Tulsa, Okla. “That said, the key to moving us out of recession is to get Americans back to work. Congress and the Administration should know that housing can be a significant generator of good jobs. We need to make housing a priority in the recovery process, otherwise we could continue to bounce along a bottom for some time.”

The number of newly built homes on the market declined for a 26th consecutive month in June, falling 4.1 percent to 281,000 units. This marks a relatively thin 8.8-month supply at the current sales pace.

New-home sales rose by double-digits in the Northeast (29.2 percent), Midwest (43.1 percent), and West (22.6 percent) in June. Meanwhile, sales activity declined 5.3 percent in the South, which is the country’s largest housing market.

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