New home sales soar in June

New home salesNew home sales soared in June to an annual rate of 497,000 homes, the highest level in 5 years, according to data just released by the U.S. Census Bureau and HUD.  New homes were sold in June at a rate that is 8.3 percent higher than the month before and 38.1 percent higher than June 2012 when new homes were sold at the rate of 360,000 homes a year.

New homes sold in the month of June 2013 were sold for a median price of $249,700, a decrease of 5 percent from the month before and an increase of 7.3 percent from a year ago when the median new home sales price was $232,600.

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