June new home sales up 11%, largest amount in 9 years

The government says new U.S. home sales rose by the largest amount in nearly nine years last month, in another sign the housing market is finally bouncing back from the worst downturn in decades.

The Commerce Department says sales rose 11 percent in June to a seasonally adjusted annual rate of 384,000, from an upwardly revised May rate of 346,000.

It was the strongest sales pace since November 2008 and exceeded the forecasts of economists surveyed by Thomson Reuters, who expected a pace of 360,000 units. The last time sales rose so dramatically was in December 2000.

Sales have risen for three straight months. The median sales price of $206,200, however, was down 12 percent from $234,300 a year earlier.

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Source: The Associated Press, Alan Zibel (July 27,2009)

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2 Comments

Filed under Economy, Maryland Real Estate News

2 responses to “June new home sales up 11%, largest amount in 9 years

  1. Pingback: Record High Home Sales for the Month of June! « Maryland Real Estate News

  2. Pingback: Is the Real Estate Market Recovering? « Maryland Real Estate News

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