New Home Sales Up From 17 Year Low

The Commerce Department reported that sales of new single family homes in July 2008 were at a seasonally adjusted annual rate of 515,000. The estimates come from U.S. Census and HUD data. This is 2.4 percent above the revised June rate of 503,000, but is 35.3 percent below the July 2007 estimate of 796,000. The median sales price of new houses sold in July 2008 was $230,700; the average sales price was $294,600. The seasonally adjusted estimate of new houses for sale at the end of July was 416,000. This represents a supply of 10.1
months at the current sales rate.

In other housing news, the S&P Case Shiller index for existing home prices was also released today and showed prices decreased 15.9% since last June.