P. M. BRIEFING : New Home Sales Rise 5.5% in June
<i> From Times wire service</i> s
WASHINGTON —
Sales of new homes, propelled by falling mortgage rates, rose 5.5% in June, the third consecutive monthly increase, the government reported today.
The Commerce Department said sales of new single-family homes rose to a seasonally adjusted annual rate of 670,000 units in June as the housing industry continued to rebound from a sluggish period earlier in the year when sales fell to their lowest level since the 1981-82 recession.
Fixed mortgage rates dipped last week to 9.81%, their lowest point since April, 1987. Fixed-rate mortgages peaked in March at 11.22%.
