June U.S. new home sales hit four-month high

The positive trend continues for U.S. new home sales. New homes sales rose 11 percent to seasonally adjusted, annual rate of 384,000 in June, the U.S. Commerce Department announced Monday -- providing additional evidence that the nation's worst housing slump in a generation is ending.

Further, the May new home sales statistic was revised up 2.4 percent to a 346,000 rate. Economists surveyed by Bloomberg News had expected June new home sales to register a 350,000 annualized rate. However, sales are still down 21.3 percent in the past year.