Statement From Commerce Under Secretary Rebecca Blank on New Home Sales in October 2009

The Commerce Department’s U.S. Bureau of the Census today released new home sales figures for October 2009. Sales of new single-family houses rose 6.2 percent in October, compared with private-sector expectations of 0.5 percent. Sales have risen 30.7 percent above their low in January of this year, and the supply of unsold homes relative to sales has fallen 46.0 percent below its peak in January.

“The rise in new home sales is encouraging. Sales have risen substantially above their low in January, and the inventory of unsold homes has fallen sharply. Low mortgage rates and the extension and expansion of the tax incentive should support continuing sales growth in the coming months,” according to Commerce Under Secretary Rebecca Blank.