New home sales hit five-year high, prices soar

wochit business
July 24, 2013 AT 10:58 AM
Sales of new U.S. single-family homes vaulted to a five-year high in June, showing little signs of slowing in the face of higher mortgage rates. The Commerce Department said sales increased 8.3 percent to a seasonally adjusted annual rate of 497,000 units, the highest level since May 2008.