US new home sales fell for the second month a string in June, statistics have shown, signifying ongoing weakness in the housing market. According to commerce department ,sales fell 1% in June to a seasonally familiar annual rate of 312,000, from a descending revised 315,000 in May.
Divided surveys found US home prices rose vaguely between April and May, while end user confidence grew in July. High unemployment and a weak house market are dejecting the US recovery.
On the other hand , flood of used homes and a large record of foreclosed properties are discouraging the market. The closely-watched Case Shiller home price index showed home prices falling by about 4% annual, even though prices rose by about 1% between April and May.
The Conference Board’s buyer confidence index rose to 59.5 in July from 57.6 in June. Though, the board said the increase reflected an improvement in buyers short-term outlook.
Buyers evaluation of current business and employment conditions, nonetheless, was less favorable as concerns about the labor market continue to weigh on buyers attitudes .On the whole, buyers remain uneasy about the future, but some of the concern expressed last month has subsided.
According to analysts it was complicated to read too much into the housing and buyer confidence data, in part because the monthly figures are fairly unstable .
Build your home with massive cash flow with Merchant Cash Advance .