June's unexpected gain in new home sales followed a revised 10.9 percent jump in May to a 1.108 million annual pace. The increase in sales left the inventory of new homes on the market at only 3.6 months' worth, the lowest since November 1998.
New home sales hit record in June
July 25, 2003
The Commerce Department has reported that sales of new single-family homes rose 4.7 percent to a record 1.160 million annual rate, surprising analysts who had expected sales to slip to a 1.120 million rate.