Statement From Commerce Under Secretary Rebecca Blank on August New Home Sales

Statement From Commerce Under Secretary Rebecca Blank on August New Home Sales

The Commerce Department’s U.S. Bureau of the Census today released new home sales for August 2009. Sales of new single-family houses edged up 0.7 percent in August, following three strong monthly gains. Analysts had expected a 1.6 percent rise in August. Sales have risen 30.4 percent above their low in January of this year, and the inventory of new unsold homes has dropped to 7.3 months of sales.

“The rise in new home sales so far this year has sparked an increase in building activity,” U.S. Commerce Under Secretary for Economic Affairs Rebecca Blank said. “Residential construction is likely to grow this quarter after 14 consecutive quarterly declines. We are encouraged by the signs of stabilization in the housing market represented by today’s data on new home sales, helped by the strong fiscal and monetary actions that have been taken to stimulate economic growth.”