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New Home Sales Rise In July

In contrast to sales of existing homes, which fell 2.6% last month, sales of new single-family houses rose in July.

Sales were at a seasonally adjusted annual rate of 1.41 million homes, 6.5% higher than the revised June rate of 1.324 million, the U.S. Commerce Department and the U.S. Department of Housing and Urban Development jointly reported on August 24.

The median sales price was $203,800; the average sales price was $275,000. An estimated 460,000 new houses were for sale at the end of July, a four-month supply at the current sales rate, the federal agencies said.

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