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Purchasing Power

New Home Sales Surge

11 percent jump is biggest in eight years.

June saw the biggest increase in new-home purchases in eight years, climbing 11 percent. Following cautious but widespread speculation that the economy is finally showing signs of stability, the unexpected increase is a welcome indicator. Exceeding all forecasts made by economists surveyed for Bloomberg, home sales rose to a 384,000 annual pace, according to figures reported by the Commerce Department on Monday. Most economists are noting that this is a clear sign heralding the end of the worst economic slump since the Great Depression but only time will tell.

Read it at Bloomberg

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