New-home sales hit 5-year high in June

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New-home sales climbed to a five-year high in June, according to a report released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development.

Sales of new single-family houses in June rose 8.3 percent month over month to an annual rate of 497,000 and were up 38.1 percent on an annual basis, according to the Census Bureau.

The median sales price of a new home sold in June was $249,700, the report said. The reported added that the seasonally adjusted estimate of new houses for sale at the end of June was 161,000, representing a supply of 3.9 months at the current sales rate.