New Homes Market Bucks US Recession With 6.7% Growth

28 August 2002

The sale of new homes leapt by 6.7% in July as Americans ignored the threat of a double-dip recession as well as signals that the housing market might be starting to overheat.

According to the Commerce Department, the sale of new homes rose to a seasonally-adjusted total of 1.017 million units last month. And the market for extant properties also enjoyed a 4.5% boost, according to the National Association of Realtors which reported seasonally-adjusted sales of 5.33m units – better than expected although up only marginally on last year’s figure.

And prices are maintaining a similar pace, with the national median price for an existing property hitting $162,800 in July (€166,650; £106,629) . Although this figure is a shade down on July, it is 7.3% up year-on-year.

Data sourced from: The Wall Street Journal Online; additional content by WARC staff