Economy

Sales Of New Homes Rise Again, Hit Five-Year High

A new home that was under construction earlier this year in San Mateo, Calif. i i

hide captionA new home that was under construction earlier this year in San Mateo, Calif.

Justin Sullivan/Getty Images
A new home that was under construction earlier this year in San Mateo, Calif.

A new home that was under construction earlier this year in San Mateo, Calif.

Justin Sullivan/Getty Images

Note added on Aug. 23, 2013: When we wrote this post and its headline — "Sales Of New Homes Rise Again, Hit Five-Year High" — the data said that was true. Now, the agencies that produce the numbers have issued revisions that indicate sales of new homes in June were the second-best in the last five years. Go here to read about that. We aren't changing the original content in this post because at the time we reported the figures they were accurate. We want to preserve our account for reference purposes.

Our original post:

New home sales rose 8.3 percent in June to an annual rate of 497,000, the Census Bureau and Department of Housing and Urban Development reported Wednesday.

At that pace, sales were the strongest since the 504,000 rate of May 2008.

The housing sector has been one of the economy's brighter spots in recent months as it continues to recover from a bubble that burst in 2007 and 2008. Reuters says that housing is "showing no signs of slowing in the face of higher mortgage rates."

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