New Home Sales Soar 11% in June

Washington, DC, July 27, 2009--Sales of new homes in the U.S. rose in June by the biggest amount since November 2008, climbing by 11% to a seasonally adjusted annual rate of 384,000, the Commerce Department reported Monday.

The report was stronger than expected. Economists were predicting a modest increase in new-home sales, to 355,000, annualized.

The last time sales rose so dramatically was in December 2000.

Sales are down 21.3% in the past year.