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Craig Greene: New-Home Sales Up 23.6% in June

Property values increase 4.6%, the largest gain since August 2006

New-home sales rose 23.6 percent in June to a seasonally adjusted annual rate of 330,000 units from a revised rate of 267,000 units in May.

Economists had expected a pace of 310,000 units. On a year-over-year basis, sales of new homes have fallen 16.7 percent.

The Standard & Poor’s/Case-Shiller 20-city housing price index — on a seasonally adjusted basis — rose 1.3 percent in May after a 0.9 percent increase in April. On a year-over-year basis, property values increased 4.6 percent, the largest gain since August 2006.

The consumer confidence index fell to 50.4 in July from an upwardly revised 54.3 in June. Economists had anticipated a reading of 51. The index was benchmarked at 100 in 1985, a year chosen because it was neither a peak nor a trough in consumer confidence.

The Mortgage Bankers Association said its seasonally adjusted composite index of mortgage applications for the week ending July 23 dropped 4.4 percent. Refinancing applications fell 5.9 percent. Purchase volume rose 2 percent.

Craig Greene is a senior loan officer at Prospect Mortgage, 3916 State St., Suite 100, Santa Barbara 93105. He can be reached at .(JavaScript must be enabled to view this email address) or 805.898.4211.

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