Home Sales Way Up, But Still Very Low

The latest economic data:

Sales of new homes in the United States posted their largest monthly gain in eight years in June, the government reported on Monday, a sign that the housing market is bottoming as buyers take advantage of lower prices.

It’s true that this was a big month-to-month change, but if you look at it overall sales volume was still quite low; lower than at any month in 2003 or 2004 or 2005 or 2006 or 2007 and also lower than January, February, March, April, May, June, July, or August of 2008.