Off and Running Real Estate

WASHINGTON — New home sales rose last month at the fastest clip in more than eight years as buyers eagerly took advantage of bargain prices — a clear sign, economists said, that the real estate market may finally be bouncing back.

Historically low interest rates and a federal tax credit for first-time homeowners also helped push home sales to their highest level since November, the Commerce Department reported Monday.

While home prices are still falling around the country, sales have now risen for three months in a row. Construction of new homes is at the busiest level since last fall. And home resales rose in June for the third straight month.

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june-market-action-courtesy-of-off-and-running2June Residential Highlights
Sales activity in Lane County was
mixed in June, when compared with
June 2008. Pending sales grew 12.8%,
while closed sales dropped 7%. New
listings also fell 22.5%.
On the other hand, comparing
June 2009 with May 2009, closed sales
grew 18.6% (293 v. 247) and pending
sales were up 10% (352 v. 320). New
listings increased 6.5% (560 v. 526).
At the month’s rate of sales, the
1,998 active residential listings would
last approximately 6.8 months, its
lowest point since August 2007.