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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 - Spira Azimuth Mid Hiking Shoes - Leather (For Men)


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Spira Azimuth Mid Hiking Shoes - Leather (For Men)

Spira Azimuth Mid Hiking Shoes - Leather (For Men)
CLOSEOUTS . Spira?s Azimuth mid-height hiking shoe is perfect for tackling the easy or difficult trails thanks to Spira?s signature WaveSpring technology, which reduces harsh impact by storing and disbursing energy with every step, and then providing a responsive, spring-loaded bounce back. WaveSpring technology: three springs (one in the heel; two in the forefoot) in injection-TPU housing Test results on WaveSpring confirm an 87-96% energy return as well as more than a 20% reduction in impact shock, reducing stress and fatigue Dual rubber compound outsole with multi-directional lug Leather and synthetic upper Removable dual-density insole Height: 5? Weight: 2 lb. 6 oz. pr. Medium width CLOSEOUTS . China. Visit our Hiking Footwear Guide Visit our Shoe Sizing Guide Available Colors: METAL/BROWN/RED. Sizes: 7, 7.5, 8, 8.5, 9, 9.5, 10, 10.5, 11, 11.5, 12, 12.5, 13, 14.

$79.95
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