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Financial News Network
September 26, 2012 AT 3:46 AM
The housing market seems to be on its way to recovery. New home sales in the United States grew 3.6% in July. This matches the high reached in May, which was the highest since April 2010. Over the past year, home sales have risen 25%. However, sales of new homes are still nowhere near 700,000, which is the annual pace that economists deem healthy. Today, the seasonally-adjusted annual rate of new-home sales reached 372,000. Homes are more affordable now, which mortgage rates at near-record lows. Still, the new home market may be rebounding slowly because there simply aren't that many new homes to buy. Last month, the number of new homes up for sale came in at 142,000, which is the lowest on record since 1963.