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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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Ski Jackets: Spyder Powder Shell Ski Jacket - Waterproof (For Men)


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Spyder Powder Shell Ski Jacket - Waterproof (For Men)

Spyder Powder Shell Ski Jacket - Waterproof (For Men)
CLOSEOUTS . Pounce on the pow this season in the waterproof breathable Spyder Powder ski jacket. Equipped with a RECCO(R) reflector, which may aid in the location of skiers in the event of an in-bounds avalanche. Spyder XT.L waterproof breathable membrane Spylon DWR outer fabric treatment Fully taped seams Welded zippers Attached hood with visor Microfleece collar lining Zip vents for temperature control and moisture management Three mesh interior pockets Emergency whistle Zip chest pocket with headphone port Snow skirt Drawcord hem Waterproof rating: 20,000mm Length: 36? Weight: 2 lb. 14 oz. Fabric: 93% nylon, 7% polyester Lining: Nylon Care: Hand wash, hang dry CLOSEOUTS . Vietnam. Sorry, we are not able to ship this product outside the U.S. Size: S (37-39) M (40-42) L (43-45) XL (46-48) 2XL (49-51) Available Colors: GLADE, VOLCANO. Sizes: 2XL, L, M, S, XL.

$376.95
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Choose Your Activity
Golf Hiking Skiing Water Sports
Games Fishing Exploring Cycling