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New-home sales increase in latest government data

Wednesday, July 28, 2010

Sales of new homes increased.
Sales of new homes increased.

A recent report from the government may give construction equipment users some reason to feel good.

According to the U.S. Census Department and the Department of Housing and Urban Development, single-family home sales came to a seasonally adjusted annual rate of 330,000 in June, which was 23.6 percent higher than what was witnessed the month before. However, the total was still 16.7 percent below the sixth month of 2009.

U.S. Commerce Department Undersecretary for Economic Affairs Rebecca Blank said that June's data were a welcomed sign, although she added that monthly stats for sales of homes "are volatile."

"But one key ingredient for a healthy housing market is job growth, and the president remains tightly focused on ensuring that the labor market continues to recover," Blank said.

June's unemployment rate came in at 9.5 percent, which was an improvement from the 9.7 percent seen the month before. However, at least some of the decline was accounted for by people who stopped looking for work who are not considered in the government's statistics on joblessness.ADNFCR-2034-ID-19911410-ADNFCR

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