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Business News - Local News  

New home sales rise

Business Courier of Cincinnati

Sales of new, single-family houses nationwide in June rose 23.6 percent from May, but year-over-year new home sales were down 16.7 percent from June 2009.

The Commerce Department also reports the supply of new homes on the market represented 7.6 months worth of inventory, down from 9.6 months in May.

Sales rose in three of the nation's four regions.

In the South, which includes Virginia, Maryland and D.C., new home sales rose 33.1 percent from May. Sales in the South were down 6.1 percent from a year earlier.

The year-over-year decline in the South was the smallest annual decline among regions.

Last week, the Cincinnati Area Board of Realtors reported a 7.6 percent increase in home sales, with 2,129 closings compared to 1,978 closings in June 2009. Northern Kentucky real estate also showed improvement in June, with 523 closings during the month. That’s up 4.6 percent from 500 closings in June 2009.



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