New home sales unexpectedly shoot up 11% in June

Sales of new homes in the U.S. in June rose by the biggest amount since November 2008, climbing by 11% to a seasonally adjusted annual rate of 384,000, higher than the 355,000 expected by most economists.

The report was stronger than expected and provided more evidence that the housing market has improved, analysts said.

"The evidence continues to grow that single-family housing activity has bottomed out," wrote John Ryding and Conrad DeQuadros of RDQ Economics. Read the full story
Richard Sites