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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 - Columbia Sportswear Backpaddle Shirt - Titanium, UPF 50, Short Sleeve (For Men)


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Columbia Sportswear Backpaddle Shirt - Titanium, UPF 50, Short Sleeve (For Men)

Columbia Sportswear Backpaddle Shirt - Titanium, UPF 50, Short Sleeve (For Men)
CLOSEOUTS . For optimum comfort on the water that includes keeping you dry and resisting odors, Columbia Sportswear's Backpaddle shirt has a great fit and retains warmth. From Columbia's Titanium collection of high-performance apparel Omni-Shade(R) UPF 50 sun protection Omni-Dry(R) advanced evaporation transfers moisture away from the body to dry quickly Antimicrobial resists bacteria and odors Four-way comfort stretch for increased mobility 1.4mm neoprene body delivers crucial thermoregulation for your core Stretchy nylon sides and shoulders ward off chafing and allow supreme freedom of movement Short sleeves Length: 27" (based on large) Fabric: 55% rubber, 45% nylon Care: Hand wash, dry flat Made in Sri Lanka Available Colors: GROUT, JEWEL. Sizes: S, M, L, XL, 2XL.

$44.95
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Choose Your Activity
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Games Fishing Exploring Cycling


 
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