US new home sales unexpectedly rise in June

Sales of new US single-family homes unexpectedly rose in June, according to official data released on Tuesday.

Figures from the Commerce Department showed new home sales were up 3.5% from the revised May rate of 572,000 to a seasonally-adjusted annual rate of 592,000. This was the best level since February 2008 and surpassed economists’ expectations for a drop to 557,000.

Compared to the same month a year ago, sales were up 25.4%.

Meanwhile, the median price of a new home was $306,700, up from $288,800 the month before.