June New Home Sales Soar 11 Percent

Ed Donahue of the Associated Press reports on the state of the housing market. There are signs of overall improvement with the news that existing home sales soared 11 percent last month. This increase was the largest in eight years.

Another promising sign in the troubled housing market is that new home construction rose to levels not seen in nearly a year. However, housing supply is at 9 months and the median home price has declined to $206,000.

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