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Home sales rebound big
Many experts were predicting a large drop off for home sales at the end of homebuyer tax credit.
But not many expected the eye-popping 32.7 percent decrease experienced in May, as reported by the Department of Commerce. Even fewer thought the market would be able to stabilize itself quickly, but that appears to be what has happened. June home sales increased 23.6 percent from May, providing some measure of relief to an industry that is struggling to find its footing, said the department.
"This is welcome news, although month-to-month housing data are volatile," said Rebecca Blank, the department’s Under Secretary for Economic Affairs.
Sales hit a seasonally adjusted annual rate of 330,000 units last month, well above expectations. Most private-sector predictions figured that June would bring just a 3.7 percent increase in sales, said the department. The gains hardly foretell a return to normalcy, and true recovery won’t be achieved without significant job growth, added Blank.
To that end, some states might see housing recovery faster than others. According to Portfolio.com’s 2010 State-by-State Midyear Employment Report, North Dakota is the state with the most stable economy and strongest job growth.
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