U.S. new-home sales for June bounce off record low
July 26, 2010 at 13:37 PM EDT
U.S. sales of new homes score a better-than-expected rebound in June after having fallen to record lows in May, rising nearly 24%. June's sales pace stays weak in the West, but the inventory of completed homes that have yet to be sold drops to the lowest since October 2003. Against this backdrop, shares of home builders rally.