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New home sales: 'Really good news'

NEW YORK (CNNMoney.com) -- 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 Breifing.com.

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."
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Hiking Gear - CamelBak Day Star Hydration Backpack - 2L (For Women)


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Sierra Trading Post
CamelBak Day Star Hydration Backpack - 2L (For Women)

CamelBak Day Star Hydration Backpack - 2L (For Women)
CLOSEOUTS . With the CamelBak Day Star hydration backpack, you can enjoy easy, hands-free drinking as you enjoy all the outdoors has to offer. Women-specific Velvetex curved harness system Padded mesh back panel with air channels Large main compartment with two-way zipper Omega HydroTanium hydration reservoir PureFlow delivery tube with Big Bite valve Hydroguard antimicrobial technology Organizer pocket with audio port Adjustable padded shoulder straps Waistbelt: Adjusts to 55" Dimensions (HxWxD): 17x9x8" Capacity: 873 cu.in. Bladder capacity: 2L (70 fl.oz.) Weight: 1 lb. 11 oz. Material: Nylon with polyurethane bladder Made in China Visit our Backpack Guide U.S. shipments only. Available Colors: BLACK/DEEP CLARET, BRINDLE/COPPER, CELESTIAL BLUE, BLACK/DELPHINIUM, BRINDLE/SILVER, ROOT BEER/BAKED APPLE, 07, AZURE BLUE/GRAPHITE, BLACK, POPPY RED/TANGO RED, SHITAKE/TURTLE DOVE.

$33.71
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