New home sales rise 9.6% in July, the highest in 4 years

According to the Commerce Department, sales of new homes rose 9.6% to a 433,000 annual pace in July; this was the highest pace in 10 months. The data points to stabilization in the housing sector which has been in slump since 2005. The median price of a new home decreased 12% to $210,100 from $237,300 in July 2008. Sales of new homes were down 13% from a year earlier. "The housing market is bottoming out,'' said Conrad DeQuadros, a senior economist at RDQ Economics. "At the same time, it's not going to turn around very quickly.''

The Northeast saw a 32% rise in sales, while the South saw a 16% rise and the West saw a 1% rise. Sales dropped 7.6% in the Midwest. There were 271,000 houses on the market last month, down 35% from July 2008 and the fewest since March 1993. At the current sales pace, it would take 7.5 months to sell all homes. Unemployment continues to remain a concern for the housing market. Analysts say that housing recovery could be hit if unemployment continues to rise.

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