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New home sales: 'Really good news'

NEW YORK ( -- Sales of newly constructed single-family homes spiked 11% in June to an annualized rate of 384,000 homes, according to a report released Monday.

The gain over May was much greater than expected. A consensus of housing industry analysts had forecast seasonally adjusted sales of 352,000, according to

However, sales are still 21% below the levels of a year ago, when new homes sold in June at an annualized rate of 488,000, according to the report released by the U.S. Department of Housing and Urban Development. Four years ago, during the height of the housing boom, the sales rate for June was 1,374,000, nearly three-and-a-half times higher than last month.

Still, the report was very positive, according to Peter Morici, an economics professor at the University of Maryland who had forecast June sales to be at the 350,000 level. "That is really good news. Considering what's going on in existing home sales, with all the foreclosure activity sending down home prices, for new homes to jump like that is a good indicator that the economy is bottoming out."

CNN Money

Georgia Mountain Vacation Homes For Sale

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Mountain View & Waterfront Properties in the North Georgia Mountains

Brasstown Valley Homes & Land
Homes, land and commercial properties for sale as well as vacation rentals in the scenic North Georgia mountains. Come discover fresh air, crystal streams, and a relaxed atmosphere! Located in the North Georgia Mountains of Blairsville, Georgia, a quaint town nestled in the Chattahoochee National Forest. We also offer properties in Hiawassee and Blue Ridge.

Blue Ridge GA Real Estate
- I continue to be among the top of all agents in the Blue Ridge Real Estate Market area. Let me put my expertise of the Blue Ridge Real Estate market to work for you today. your Lake Specialist and your one-stop-shop for information on Lake Blue Ridge!

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