Sales of new homes likely rose in June to the highest level in four months, adding to evidence the housing slump that began in 2005 is stabilizing, economists said ahead of a government report today.
Sales increased 2.9% to a 352,000 level, according to the median forecast of 60 economists. Purchases reached a record-low 329,000 level in January 2009.
Falling prices and near record-low mortgage rates have started to lure buyers even as the unemployment rate rises. The worst recession in five decades may end in coming months as the housing and manufacturing downturns ease. Use Charlotte home values to connect with a knowledgeable listing agent and find out what your property should list for.
Home demand is stabilizing which is not surprising given the improvement in Charlotte home affordability. Home sales are likely to pick up from here. Estimates are for a further sequential increase in sales to the 350,000 to 377,000 range.
New-home sales have risen in two of the four months since the January low. Other reports underscore the stabilization in housing. The Wells Fargo/National Association of Homebuilders sentiment index has risen in five of the past six months and existing home sales have increased for three months in a row.