Sales of new homes in the United States posted their largest monthly gain in nearly eight years in June, the government reported on Monday, a sign that the housing market is bottoming as buyers take advantage of lower prices.
The Commerce Department reported that new single-family home sales rose 11 percent in June, an increase that dwarfed economists’ expectations of a 3 percent increase. The pace of home sales rose to a seasonally adjusted rate of 384,000 a year, the highest level since November.
As sales rose, median prices of new homes continued to fall, slipping to $206,200 from $232,100 in June a year ago.
Monday, July 27, 2009
New U.S. Home Sales Rise Sharply as Prices Fall
The New York Times reports:
