The new single home sales data for June 2009 was a shocker for even the most optimistic analyst. It read at a healthy 11% growth over May 2009, and the median rate was 3% lower.
The figures are yet lower by over 28% than the sales that happened a year ago, indicating the deep recession that has set in US economy. As of June 2009 end, the inventory is enough to cover another 8.8 months of sales, as per records.
The continuing seizure of homes by banks and lenders is resulting in all time high supply of second sale homes, which in turn is putting more pressure on new home sales.
New home sales spurts 11% in June