New Homes, Prices Drop and Sales Rise for July

The sales rise to 11% for new single-family homes.  Despite the monthly increase, sales of new homes were still down 21 percent from June 2008. The market is still swamped by a glut of for-sale houses. And new homes, facing competition from cheap foreclosures, are sitting on the market for close to a year before they sell, compared with a median time of six months on the market in 2007.

[source=census report]