Consumer confidence reached new heights in June with levels not seen since January 2008. According to the Consumer Board, via MarketWatch, consumer confidence hit 85.2 percent in June, which is the highest percentage since lows during the early recession six years ago.

MarketWatch initially projected -— based on polling economists — June's confidence to be 83.5 percent, a slight increase from May's 83 percent.

Consumers polled stated the economy is in "good" condition with the labor market likely to improve.

"Expectations regarding the short-term outlook for the economy and jobs were moderately more favorable, while income expectations were a bit mixed," Conference Board's Economic Indicators Director Lynn Franco said. "Still, the momentum going forward remains quite positive."

As consumer confidence grew, the housing market followed. The U.S. Department of Housing and Urban Development announced the sales of new single-family houses increased by 18.6 percent during May, the highest annual level in six years.

New homes were sold at an annual rate of 504,000 last month, which is a sharp increase since May 2008. It was also the biggest one-month gain since January 1992. In April's revised HUD report, 425,000 homes were sold. Meanwhile, Reuters polled economists and originally forecast new home sales to increase by 440,000 units for May.

HUD revealed the average sales price of the new homes in May was $282,000. MarketWatch noted housing gains were made in the Northeast, but it's "unlikely to last."

"The quicker pace of sales in May compared to April reflected the biggest one-month increase in 22 years," MarketWatch's Jeffry Bartash said. "The surge was spearheaded by a 54.5 [percent] gain in the Northeast, the biggest advance in almost two years. Yet the region typically has the fewest sales in the U.S., and the seasonally adjusted numbers can be particularly volatile. Just a month before in April, for instance, sales in the Northeast were the lowest in nearly two years."

The West and South regions also saw small gains with 266,000 and 130,000 homes sold, respectively, in May. The Midwest accounted for 74,000 homes sold. In comparison to May 2013, the housing market increased by 16.9 percent.

The National Association of Hispanic Real Estate Professionals (NAHREP) stated that the real estate market for Hispanics is "large and rapidly growing."

"Since 2010, Latinos have accounted for 56 percent of the total net growth in U.S. owner households, with purchasing power of approximately $1.5 trillion projected next year," NAHREP President Jason Madiedo said.

Madiedo also noted 40 percent of all new homebuyers are expected to be Hispanic in the next few years.

The housing market may be in a recovery effort, following a slowdown during the second half of 2013 because of interest rates and prices increasing.

"Many potential buyers were left on the sidelines beginning last summer as affordability declined amidst rising home prices and interest rates," National Association of Realtors President Steve Brown said. "The temporary pause in rising interest rates and more homes for sale is good news — especially for first-time home buyers — who likely have a better chance in upcoming months to make a competitive offer that's in return accepted by the seller."

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