Call a block on home page through static block with content value as
{{block type="catalog/product_list" name="product_listing" template="catalog/product/latest.phtml"}}
or you can directly call this block on cms home , paste this
{{block type="catalog/product_list" name="product_listing" template="catalog/product/latest.phtml" }}
in your cms home page content.
create a file in folder frontend/theme_folder/default/template/catalog/product as latest.phtml.
Paste the below code in it as :
Latest Products
<?php
$_productCollection = Mage::getResourceModel('reports/product_collection')
->addAttributeToSelect('*')
->setVisibility(array(2,3,4))
->setOrder('created_at', 'desc')
->setPage(1, 4);
?>
<?php $_iterator = 0; ?>
<ul class="products-grid">
<?php foreach($_productCollection as $_product) : ?>
<li class="item<?php if( ++$_iterator == sizeof($_productCollection) ): ?> last<?php endif; ?>">
<?php // Product Image ?>
<a href="<?php echo $_product->getProductUrl() ?>" title="<?php echo $this->stripTags($this->getImageLabel($_product, 'small_image'), null, true) ?>" class="product-image"><img src="<?php echo $this->helper('catalog/image')->init($_product, 'small_image')->resize(135); ?>" width="135" height="135" alt="<?php echo $this->stripTags($this->getImageLabel($_product, 'small_image'), null, true) ?>" /></a>
<div class="product-shop">
<div class="f-fix">
<h2 class="product-name"><a href="<?php echo $_product->getProductUrl(); ?>"><?php echo $_product->getName(); ?></h2>
<?php echo $this->getPriceHtml($_product, true) ?>
<?php if($_product->isSaleable()): ?>
<p><button type="button" title="<?php echo $this->__('Add to Cart') ?>" class="button btn-cart" onclick="setLocation('<?php echo $this->getAddToCartUrl($_product) ?>')"><span><span><?php echo $this->__('Add to Cart') ?></span></span></button></p>
<?php else: ?>
<p class="availability out-of-stock"><span><?php echo $this->__('Out of stock') ?></span></p>
<?php endif; ?>
</div>
</div>
</li>
<?php endforeach; ?>
</ul>
Thats it you will be able to see the latest 4 product on home page. you can increase the number of product by increasing the ->setPage(1, 4); to your required number of product on home page.