New home sales jump 8.3 percent in June

WASHINGTON, July 24 (UPI) -- Sales of new single-family homes rose 8.3 percent in May to June, the U.S. Commerce Department said Wednesday.

At an annual rate of 497,000, sales for the month increased over May's revised annual rate of 459,000 and came in 38.1 percent higher than the June 2012 estimate of 360,000.

The Commerce Department said the average price for a new home sold in March was $295,000.

At the end of June, there were an estimated 161,000 new homes on the market, representing a 3.9 month supply at the current rate of sales.