Boosted by an expiring $8,000 tax credit for new-home buyers, the pace of U.S. new home sales increased 9.6 percent from June to July.
The jump in sales was led by a 32 percent surge in the Northeast. Purchases increased 16 percent in the South and 1 percent in the West. They dropped 7.6 percent in the Midwest.
At the same time, however, both sales volume and the median sales price for new homes remain down on a year-over-year basis (down 13 and 12 percent respectively).
∙ U.S. New Home Sales Jump 9.6%, Most in Four Years [Bloomberg]