We present a new continuous-time solver for quantum impurity models such as those relevant to dynamical mean field theory. It is based on a stochastic sampling of a perturbation expansion in the impurity-bath hybridization parameter. Comparisons with Monte�Carlo and exact diagonalization calculations confirm the accuracy of the new approach, which allows very efficient simulations even at low temperatures and for strong interactions. As examples of the power of the method we present results for the temperature dependence of the kinetic energy and the free energy, enabling an accurate location of the temperature-driven metal-insulator transition.