New Home Sales Up 24% in June
The commerce department reported today that new home sales increased 23.6% in June, although they still trailed sales from a year earlier; there were 20,000 more home sales than economists were expecting.
Housing sales are expected to remain low for several months, after people rushed to complete home purchases before the April 30th deadline for the homebuyers tax credit.
The encouraging news on housing, along with better than expected earnings from FedEx, pushed the Dow Jones up 72 points.
