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The U.S. Census Bureau, along with the Department of Housing and Urban Development, today announced that sales of new, single-family homes increased 11% in June when compared with the month prior. This was much higher the 3% forecast by economists, and points to potential recovery for the housing market slump.

Quicken Loans Chief Economist Bob Walters says the news may indicate that new home sales are back on the rise for the summer selling months.

“New home sales spiked in June, possibly demonstrating that Americans are feeling more optimistic about their financial position going into the second half of the year while taking advantage of the tremendous price reductions and builder upgrades that new builds offer,” Walters said. “The summer selling season is coming to an end and children begin to return to school next month, so a continued increase through the historically active months of July and August is very likely.”

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