(Source: Wall Street Journal)
New-home sales soared in June from the previous month, the third increase in a row and supplying fresh evidence the housing market is beginning to recover from its long crisis.
Sales of single-family homes increased by 11.0% to a seasonally adjusted annual rate of 384,000 compared to the prior month, the Commerce Department said Monday. Though, year-over-year, new-home sales were 21.3% lower than the level in June 2008.
The median price for a new home was $206,200 in June, down 12.0% from $234,300 in June 2008. On a monthly basis, the price fell from May 2009’s $219,000.
Economists surveyed by Dow Jones Newswires expected June sales to climb just 2.3% to 350,000.
Read Jeff Bater’s full article “New-Home Sales Jumped 11% in June From May” in the Wall Street Journal (July 27, 2009).