Largest Rise in New Home Sales in Eight Years

New U.S. home sales rose by the largest amount in more than eight years last month. The last time sales rose so dramatically was in December 2000. Is this a sign that the housing market is finally bouncing back from the worst downturn in decades?

Sales rose 11 percent in June to an adjusted annual rate of 384,000, from May’s rate of 346,000.

There were 281,000 new homes for sale at the end of June, down more than 4 percent from May. At the current sales pace, that represents 8.8 months of supply — the lowest level since October 2007.

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This entry was posted on Monday, July 27th, 2009 at 9:46 am and is filed under Real Estate News. You can follow any responses to this entry through the RSS 2.0 feed.