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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 - Sierra Designs 15°F Spark Sleeping Bag - 800 Fill Power Down, Mummy (For Women)


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Sierra Trading Post
Sierra Designs 15°F Spark Sleeping Bag - 800 Fill Power Down, Mummy (For Women)

Sierra Designs 15°F Spark Sleeping Bag - 800 Fill Power Down, Mummy (For Women)
CLOSEOUTS . With Sierra Designs' Spark sleeping bag, you can have a warm, cozy night's sleep without lugging around extra weight. The ultralight design is perfect for backcountry camping, and the 800 fill power down insulates to keep you comfortable with a comfort rating of 15°F. Women-specific design Ultralight design Offset ultralight jacket zipper Ultralight, fitted jacket hood decreases heat loss Flex Technology allows the bag to move with you and improves thermal efficiency Continuous baffle construction prevents down from clumping and moving Draft tube keeps cold air out Padlocks keep bag on sleeping pad Ergonomically shaped footbox Footbox vent for ventilation on warm nights Mummy bag Storage sack included Zipper: Right Rated to: 15°F Fits to: 5'5" Girth (shoulder/hip/foot): 50-57/49-56/34" Dimensions (LxW): 68x28-1_2" Stuff size: 17x7" Weight: 2 lb. 1 oz. Material: 22 denier polyester Insulation: Goose down and feathers Fill power: 800 Fill weight: 20 oz. Made in China Visit our Sleeping Bag Guide Available Colors: RED, PALE YELLOW.

$279.95
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