New Home Sales Hit Five-Year High in June


New home sales jumped 8.3% in June to the highest level since mid-2008, according to new government figures.

The Census Bureau reported Wednesday morning that sales of newly constructed homes rose 8.3% to a 497,000 seasonally adjusted annual rate, up from 459,000 in May.

However, sales in May and April were revised downward by 38,000 units, which temper the interpretation of the new sales data.

Overall, new home sales in June hit their highest level since May 2008, and sales are up 38% from June 2012.

Meanwhile, the supply of new homes remains tight with only 160,000 units for sale at the end of June, basically unchanged from May. That represents a 3.9-month supply of new homes at the current sales pace.

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