Americans snapped up new homes in June at the fastest pace in five years, a sign the housing recovery is strengthening.
Sales of newly built homes rose 8.3 percent last month to a seasonally adjusted annual rate of 497,000, the Commerce Department said Wednesday. That’s the highest since May 2008 and up from an annual rate of 459,000 in May, which was revised lower.
While sales are still below the 700,000 pace consistent with healthy markets, they have risen 38 percent in the past 12 months. That’s the biggest annual gain since January 1992.