New Home Sales Rise Marginally in August

Following four months of solid gains, sales of newly built, single-family homes edged up by less than one percent in August 2009 as the window for an important buyer incentive began to close, according to data recently released by the U.S. Commerce Department. Sales posted a meager 0.7% gain to a seasonally adjusted, annual rate of 429,000 units for the month.
“With the $8,000 home buyer tax credit set to expire at the end of November, prospects for being able to purchase a newly built home and have that transaction completed in time to take advantage of the credit dimmed considerably as of August,” said National Association of Home Builders (NAHB) Chairman Joe Robson, a home builder from Tulsa, Okla. “Congress must take immediate action to extend the tax credit if the positive momentum in home sales is to continue so that a sustained housing and economic recovery can take hold.”
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