There have been worries of a bubble, but sales of new homes soared to an all-time high in June as the housing market kept on sizzling.
The Commerce Department reports that new single-family homes were sold at an annual rate of one-point-four million units last month. That's a four percent rise from the previous record, set in May.
The report comes just days after sales of existing homes were reported to have set a record in June as the housing industry continues to be powered by low mortgage rates. As for prices, the median price of a new home fell for a second month, dropping by five and a-half percent in June to 214-thousand-800 dollars.
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