Sales of newly-constructed single-family homes rebounded 11 percent from May to June, to a seasonally adjusted annual rate of 384,000, the U.S. Census Bureau reported.

That’s the fastest pace of new home sales since November, 2008, but represents a 21.3 percent decline from a year ago. At that rate, it would take 8.8 months for the 281,000 new homes on the market at the end of June to be sold, when six months of inventory is considered a more healthy balance between supply and demand.

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