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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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Table Tennis - Games for Vacation Homes

Table tennis, also known as "ping pong" has always been a favorite indoor game. It requires skill and the ability to move quickly, so you can burn some calories and have fun at the same time. It's also a great game for the kids on a rainy day, to help burn off some of that "limitless energy". You can buy a great table tennis set for the family room, or just the accessories and play on the kitchen table. It's all about fun.

Get $100 off Shipping on the Kettler Match 5.0 Outdoor Table Tennis Table
at DunhamsSports.com! Ends 12.31


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