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U.S. new home sales in June rose to highest level in over eight years

Xinhua, July 26, 2016 Adjust font size:

Sales of U.S. new homes jumped in June to the highest level since February 2008, as the U.S. housing market enjoyed a solid first half of this year.

The sales of new single-family houses in June were at a seasonally adjusted annual rate of 592,000, 3.5 percent above the revised May level, and 25.4 percent above the same period last year the Commerce Department said Tuesday.

The median sales price of new houses stood at 306,700 U.S. dollars in June. The seasonally adjusted estimate of new houses for sale at the end of June was 244,000 units, which represented a supply of 4.9 months at the current sales rate.

Existing home sales, the major part of the U.S. housing market, reached a seasonally adjusted annual rate of 5.57 million in June, the fourth consecutive month rise, maintaining their highest pace since February 2007, said the National Association of Realtors (NAR) last week.

Sustained job growth and falling mortgage rates are the major driving forces for the U.S. housing market in the first half of 2016, said the NAR. Endi