Housing Crisis Over?

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The annual rate of US new home sales jumped 11% in June, government figures have shown, a further indication that the housing sector is over the worst.

The Commerce Department said sales hit a seasonally-adjusted annual rate of 384,000 in June, against an upwardly-adjusted rate of 346,000 in May.

June's sales figure was the strongest pace seen since November 2008.

However, the median sale price was $206,200 (£125,000), down 5.8% from May and 12% lower than a year ago.