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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 - Asolo Revenge Gore-Tex(R) Hiking Boots - Waterproof (For Men)


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Asolo Revenge Gore-Tex(R) Hiking Boots - Waterproof (For Men)

Asolo Revenge Gore-Tex(R) Hiking Boots - Waterproof (For Men)
CLOSEOUTS . Last time on the trails, your feet got soaked; now it's time to return with a vengeance in Asolo's Revenge hiking boots, constructed with a waterproof breathable Gore-Tex(R) membrane that keeps water from seeping in but still lets perspiration escape from inside. Waterproof breathable Gore-Tex(R)membrane Active Heel Support prevents heel slippage and absorbs shock Suede and synthetic upper with abrasion-resistant toe rand Gusseted tongue Removable EVA-cushioned insole Traction rubber outsole with Asobrake for control on descents Height: 5-1_2" Weight: 3 lb. 2 oz. pr. Medium width Made in Romania Visit our Shoe Sizing Guide Available Colors: DONKEY/ANTHRACITE, GRAPHITE/GUNMETAL, GREY/BLUE, CENDRE/DARK BROWN. Sizes: 7, 7.5, 8, 9, 10, 10.5, 13, 14, 6.5, 12, 12.5, 13.5, 8.5, 9.5, 11, 11.5.

$144.95
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