Real Estate Market Picks

Sales of new homes in U.S. in June had its best month in the last five years, according to data released Wednesday by the Commerce Department.

The numbers indicate that sales of single-family homes increased 8.3 percent the month after rising just 1.3 percent in May .

This is the third consecutive month of momentum in the housing market and a result which represents 38.1 percent increase compared to June 2012 , the highest in over 20 years .

Instead it was feared that a slight increase in mortgage interest rates and a decrease in the sale of old houses in June depress rather than stimulate the housing market .

Hopes that the economy take best course in the third quarter have revived after figures reflecting an acceleration in manufacturing activity also spread .

In a way the real estate market is underpinning the manufacturing sector, injured by falling demand and drastic tax cuts applied to the federal budget.

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