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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 - ABO Gear Beach Hugger Beach Blanket - Oversized, 7x5'


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Sierra Trading Post
ABO Gear Beach Hugger Beach Blanket - Oversized, 7x5'

ABO Gear Beach Hugger Beach Blanket - Oversized, 7x5'
CLOSEOUTS . The ABO Gear Beach Hugger oversized 7x5' beach blanket with two pillows is great for camping, beach, picnics, pool or park. Hidden pocket is the perfect place for securing phones, wallets and other valuables out of sight. Four stakes secure the Beach Hugger in windy weather King size beach blanket fits two people easily Two comfortable pillows included Light and compact Carry bag with water bottle pocket Shoulder strap: Adjustable to 39" Two zip storage pockets: 11x11" Carry bag: 13-1_2" length, 7" diameter Beach towel: 7x5' Pillows (two): 11x12x2-1_2" Composite stakes (four): 6" each Weight: 2 lb. 14 oz. Material: Polyester towel with water-resistant backing Care: Machine wash, hang dry Made in China. Available Colors: BLUE, 09.

$24.95
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Games Fishing Exploring Cycling


 
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