Sales of newly built, single-family homes in June reached a seasonally adjusted annual rate of 592,000, the highest rate since February 2008, according to the United States Census Bureau.
June’s rate is a 3.5 percent increase compared with May’s rate of 572,000 and a 25.4 percent increase above the June 2015 rate of 472,000.
"The fact that new home sales reached their highest pace in over eight years shows the housing market is gaining momentum," said Robert Dietz, National Association of Home Builders chief economist in a statement. "The market should continue to firm throughout the year, propelled by low mortgage interest rates and solid growth in employment."
Regionally, new home sales rose 10.9 percent in the West and 10.4 percent in the Midwest. Sales fell by 0.3 percent in the South and 5.6 percent in the Northeast.
