New Home Sales Surge to 8-Year High

Posted To: MND NewsWire

Sales of newly constructed homes posted a gain in June, rising 3.5 percent from the May estimate. The Census Bureau and the Department of Housing and Urban Development put new home sales for the month at a seasonally adjusted annual rate of 592,000 units compared to sales in May which were revised upward to 572,000 from 551,000 units. The June rate was 25.4 percent higher than seasonally adjusted sales a year earlier of 472,000. The sales report bested by a wide margin the consensus of analysts polled by Econoday of 562,000 units. Opinions ranged from 540,000 to 571,000. On a non-seasonally adjusted basis there were 54,000 new homes sold during the month, the same number as in May. Sales in June of last year totaled 44,000. New home sales dipped in the Northeast by 5.6 percent for the month...(read more)

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from Mortgage News Daily http://ift.tt/2aqUGmJ