The Commerce Department said Monday that sales rose 11 percent in June to a seasonally adjusted annual rate of 384,000, from an upwardly revised May rate of 346,000.
It was the strongest sales pace since November 2008 and exceeded the forecasts of economists surveyed by Thomson Reuters, who expected a pace of 360,000 units. The last time sales rose so dramatically was in December 2000.
New homes sales have increased 4 of the last 6 months bringing the National inventory down to 8.8 months in June, down from 10.2 in May.
Now is the time to get into the housing market before it moves from this buyers market to a seller's market. First Time buyers have only until November 30 to close on their first home to qualify for the $8000 Tax Credit.
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