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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 Arch Cape III Shorts - UPF 15 (For Women)


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Columbia Sportswear Arch Cape III Shorts - UPF 15 (For Women)

Columbia Sportswear Arch Cape III Shorts - UPF 15 (For Women)
CLOSEOUTS . Fresh, flattering and ready for adventure, the Arch Cape III shorts from Columbia Sportswear feature a lightweight, durable blend of cotton and nylon with Omni-Shade(R) UPF 15 sun protection. Garment stonewashed Adventura cloth Omni-Shade(R) UPF 15 sun protection Quick drying Open front pockets Touch-fasten rear pockets Zip fly and snap closure with drawstring waist Just below waist Leg opening: 24" Fabric: 66% cotton, 34% nylon Care: Machine wash/dry Columbia Sportswear Authentic Fit is lightly fitted and comfortable; bottoms sit at or below waist with straight cut through leg and thigh Made in Indonesia or Vietnam Available Colors: SHALE, WHITE, MELONADE, BLACK, FOSSIL, MUD. Sizes: XS, S, M, L, XL.

$20.21
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