I believe the series is a couple of years old, however, it's not all that well known over here, so it's not surprising you just found it. I actually just started watching it about a month ago myself.
It was based on a series of visual novel computer games. Wikipedia has a fairly extensive list of the releases... there's also a DS game and at least one ps2 game, but I'm fairly certain you would only be able to find them in Japanese.
This is a link to a small blog dedicated to the games - and offers links to download the demo version of the game (which gives you an entire chapter), or the full version of the first game, if you want to pay $15. They're working on translation patches, but they only have the first chapter done.
If you want, I can direct you to download links of the series as well. There's also a second season called Higurashi no naku koro ni kai. You really have to watch all of it to figure out what exactly is going on in the series.
I think there's also at least one live action movie (that was released at the end of last month), and a manga series as well - which just seems to be making its way to the shelves in my area. If you don't want to go through the trouble of getting the games, the manga seems to go through the same story arcs.