Home sales stay level
National Association of Home Builders Chairman Bob Nielsen, a home builder from Reno, Nev., said the figures were not unexpected.
"Today's report shows that new-home sales remain in a holding pattern at relatively low levels," Nielsen said. "This reflects what we are hearing from builders in the field, who continue to see uncertainty in the marketplace and are reacting accordingly by keeping inventories at a record low. With inventories at razor-thin margins, any uptick in demand will generate increased building activity in the months ahead."
A stronger economy will lead to stronger home sales, said NAHB senior economist Robert Denk.
"June's sales numbers illustrate how the fledgling housing and economic recovery go hand-in-hand," Denk said. "Improving confidence in the broader economic recovery - in particular, solid job growth - will bring buyers back into the housing market. But as policymakers debate major changes to the housing finance system, higher down-payment requirements, reducing conforming loan limits and whether to tamper with the mortgage interest deduction, this only fuels consumer uncertainty and keeps the housing market recovery from gaining any real momentum."