New-Home Sales Jump 11% in June Compared to May

New-home sales jumped 11% in June from the previous month and homebuilders expect to see a slow improvement in sales during the rest of this year. "Significant evidence has accumulated that we have hit the bottom," said Bernard Markstein, senior economist at the National Association of Home Builders. But NAHB has not called a bottom yet, because of concerns sales may drop off toward yearend with the expiration of the first-time homebuyer tax credit. NAHB is seeking an extension of the tax credit. The U.S. Census Bureau saw sales of new single-family homes rise to a 384,000 seasonally adjusted annual rate in June, up from a 346,000 rate in May. NAHB economists expect sales will run at a 390,000 rate during the second half of this year, up from a 347,000 rate in the first half.