STILL, IT’S NOT ALL TERRIBLE NEWS FOR THE HOUSING MARKET
The latest? New home sales (which comprise roughly eight percent of the housing market) plunged in June to their lowest level in seven months, according to data released by the U.S. Commerce Department. In fact they dipped below the magic line of 500,000 units sold (expressed on an annual basis) for the first time this year.
Data from previous months was also revised lower …
Meanwhile, the median price for a new home also declined by 1.8 percent to $281,800.
It’s not all bad news for the U.S. housing market, though. Sales of existing homes climbed 3.2 percent in June – reaching an annual rate of 5.49 million. That’s the highest on record since February of 2007.
Is that uptick sustainable, though, given rampant joblessness and anemic wage growth?
No, not really …