New Home Sales Bounce Back in July

New Home Sales Bounce Back in July

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The pace at which newly constructed homes are selling remained unpredictable in July, beating forecasts by rising 2.8 percent over June's rate, according to a report issued today by the U.S. Census Bureau and the Department of Housing and Urban Development.

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Builders have reduced their asking prices and offered incentives to create more consumer interest in the excess housing inventory.� On the lending side, despite the noise emanating from the subprime issues, most people have good credit and can document their income, and still have many financing options available to them.

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The inventory of new unsold homes has dropped from 7.5 months to 6 months.

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