The U.S has seen a massive jump in home sales in June, up 11%, the largest increase in eight years.
The new figures are giving hope to the public that the market has seen it’s first glimpses of recovery.
The US Commerce department revealed figures yesterday showing that there were 384,000 sales last month, a dramatic increase in sales not seen since 2000.
There is currently the lowest level of housing available since October 2007 - an amount of unsold homes that would take 8.8 months to sell.
Levelling Out
Prices are set to continue to fall for the forseeable future, though many economists are predicting a bottoming out over the next 3 to 6 months. Building stocks jumped at the news of a possible housing recovery, and have been building at new levels - the most since september.
The Department of Commerce in the U.S stated that the good news for home sales reflected a new sentiment in the market, and there was good news ‘across the board’, the kind that was indicative of a recovery.
Standard Pacific, one of the US homebuilders reporting a stabilisation in demand and sales, is based in California, which has seen some of the most turbulent declines in homes sales in the U.S.
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