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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 - Paradice P250 Flat Ice Pack


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Paradice P250 Flat Ice Pack

Paradice P250 Flat Ice Pack
CLOSEOUTS . Paradice Ice Packs are the latest in cold therapy. With Stay Dry and High Conformance design, Paradice?s cooling modules work like a bag of frozen peas to conform to your body parts. A true value for those who use cold therapy often, Paradice Ice Packs soothe headaches and hot flashes, strains and sprains, cramps, burns and other ailments. Conforms to most body contours for more effective treatment Soft, pliable fabric shell is non-shocking to sensitive skin Great for kids? bruises, bee stings and burns Durable, reusable, washable construction outlasts and outperforms other icepacks Stay Dry design delivers long lasting, deep penetrating cold anywhere, anytime: in bed, at the office, on long car trips and more Great for headaches, after physical therapy, puffy eyes, low back pain, weekend warriors and sore muscles Dimensions (HxWxD) : 1x9x5-1_2" Weight: 10.6 oz. Material: 80% nylon, 20% spandex tricot; filling is proprietary non-toxic material Made in China Available Colors: SEE PHOTO.

$11.50
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