Sales of newly constructed homes hit a new record in June, and it appears that sales will remain brisk during the third quarter despite the recent rise in mortgage rates.The U.S. Census Bureau reported sales of new single-family homes rose from a seasonally adjusted annual rate of 1.11 million in May to a new monthly record of 1.16 million in June. The 4.7% increase in June sales ended the first half of a year in which sales are ahead of last year's record pace by 11.1%. Fannie Mae senior economist Orawin Velz said the pace of home sales this year has been "incredible." She said she expects sales to remain at a very high level through September before the market cools.
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