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According to a recent Forbes report, economists are predicting a healthy month for new-home sales during July.
A survey of economists, conducted by FactSet, revealed that sales were anticipated to rise to a seasonally adjusted annual rate of 315,000 in July. The actual figures will be released by the Commerce Department on Tuesday, August 23.
During June, new-home sales were down 1 percent, falling to an annual rate of 312,000, which is less than half the 700,000 new homes for sale that economists believe healthy markets normally sell during a given month.
According to the article, 2010 was the worst-performing year in terms of new-home sales in nearly 50 years. It was also the fifth-straight year that the volume of new-home sales declined, which follows a five-year period of record highs. So far in 2011, sales trail last year's total at this point.
While new homes only represent one-fifth of the housing market, their sales heavily impact the economy, the report states. For every new home built, an average of three jobs are created each year, and close to $90,000 is generated in taxes, the National Association of Home Builders reports.
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