US New Home Sales Record Extended Streak
New home sales in American is gaining momentum as sales in August showed a 0.7 percent increase making it the fifth straight month that the housing market has registered gain.
But many experts in the US Commerce Department said that the recovery process will still be sluggish after the recession.
A new government data released on Friday showed that new home sales in the United States is slow gaining momentum as it posted a 0.7 percent increase in August, the fifth straight month it has recorded market gain.
Based on the data by the US Commerce Department, new single-family home sales rose to around 430, 000 this is a seasonally adjusted yearly rate. However, it failed to meet the 440, 000 level last year, which makes it 3.4 lower.
But the department said it is a welcoming result, saying that a 3.4 drop in the sales from last year’s record is acceptable.
“It only shows that Americans are still buying houses despite the recession,” an official of the Commerce Department said.
The official also admitted that it will be a sluggish recovery process for the housing sector after being downed by the recent economic recession.
The sales in August can be attributed to the discount offered by builders to new home buyers in order for them to clear out their inventories of unsold homes in several areas.
The median sales price is now $195, 200 or a 9.4 drop from last month and 11.8 percent from last year.
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