May New Home Sales Rise Sharply

Washington, DC, July 24, 2013 -- Sales of new homes rose 8.3% in June to an annual rate of 497,000, the highest level in more than five years, according to the Commerce Department.

Economists forecast sales to inch up to a seasonally adjusted 483,000.

May's figures were revised down to a 459,000 annual rate from an initially reported 476,000.

The median price of a new home in June was $249,700, up 7.4% from a year ago.