Its easy.
Edit some products as new product from Catalog>Product>General>Set new Product date from the calender.
Go to CMS frm admin then select the Home page.Now paste the following code in the home page content.
{{block type=”catalog/product_new” name=”home.catalog.product.new” alias=”product_homepage” template=”catalog/product/new.phtml”}}
Now refresh your home page and the products are there. 
Posted by Janei Vieira on July 6, 2009 at 5:23 am
Didn’t work
Posted by milansaha on July 6, 2009 at 11:31 am
Sorry, There were some unexpected character in the code.
Try now.Hope it works.
Posted by jezozwierzak on July 15, 2009 at 6:19 pm
it doesn’t work :/
Posted by Cool+ on August 28, 2009 at 10:45 pm
It still doesn’t work
Posted by trashman on October 26, 2009 at 1:18 am
{{block type=”catalog/product_new” template=”catalog/product/new.phtml”}}