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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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Fishing Gear - Mulholland Brothers Stamped Angler's Bag - Ostrich


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Mulholland Brothers Stamped Angler's Bag - Ostrich

Mulholland Brothers Stamped Angler's Bag - Ostrich
CLOSEOUTS . The rugged good looks of stamped ostrich leather add notes of handsome refinement to Mulholland Brothers\' stamped ostrich angler\'s bag. Load up the roomy main compartment with your larger items, then tuck fishing flies, snacks and sunscreen inside the two front zip pockets. Interior organizer panels make it even easier to keep tabs on your supplies. Shoulder strap: Adjusts to 50? Dimensions (LxWxD): 12x16-1_2x5? Capacity: Approx. 990 cu.in. Weight: 2 lb. Material: Leather with leather-trimmed nylon shoulder straps CLOSEOUTS . China. Visit our Luggage and Travel Guide Available Colors: MED BROWN.

149.95
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Golf Hiking Skiing Water Sports
Games Fishing Exploring Cycling