In other words, the prices on homes have slashed and there are some deals out there if you can qualify for the loan and have 20-30% to put down. Think the home prices are going to skyrocket up again? Think again. It won't. Not in this economy and not with the wages that the average American is currently getting.
New U.S. home sales rose by the largest amount in nearly nine years last month, in another sign the housing market is finally bouncing back from the worst downturn in decades, the government said on Monday.
The Commerce Department said sales rose 11 percent in June to a seasonally adjusted annual rate of 384,000, from an upwardly revised May rate of 346,000.
It was the strongest sales pace since November 2008 and exceeded the forecasts of economists surveyed by Thomson Reuters, who expected a pace of 360,000 units. The last time sales rose so dramatically was in December 2000.
Sales have risen for three straight months. The median sales price of $206,200, however, was down 12 percent from $234,300 a year earlier.