> June 2009 Home Sales

Sales of new homes jumped by 11 percent in June to an annualized rate of 384,000 units, while existing home sales posted a third consecutive monthly gain, reaching an annualized rate of 4.890 million units. Still, home sales remain at exceptionally low levels -- the not seasonally adjusted data show a total of 36,000 new homes were sold in June, the lowest monthly total for June since 1982. Builders have made progress in clearing inventories, with the months supply of new home inventory standing at 8.8 months in June, but that still leaves the months supply measure well above its normal level, while the median months on the market for new homes set another record in June at 11.8 months.

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