Rising new home sales point to a strengthening housing market

Sales of newly built single-family homes rose to their highest level in more than two years last month, adding to evidence that the U.S. housing market is on the mend and no longer dragging down the broader national recovery.

Real estate helped bring the U.S. out of past recessions as interest rates dropped, home sales increased and construction jobs jumped. But perhaps one of the most significant repercussions of the industry’s collapse has been that housing hasn’t been available to play its traditional role in the recovery.