11% Increase for June Home Sales - GREAT NEWS!

Today the U.S. Department of Housing and Urban Development released a report for June Homes sales. newly constructed single-family homes spiked 11%. However sales are still 21% less than last year and prices are still continuing to drop.

What does this all mean?

This is a good indicator that the recession is bottoming out. We have to get all the inventory currently on the market into Buyers hands. Once we have done this, new construction will resume again which in turn will create more jobs and help to boost the economy into a more positive territory.

All this news is wonderful, although we have to continue to watch and see if this is caused by the tax credit. The tax credit at this time is set to go away in December.