July New Home Sales Up 2.4% to 515,000 Rate

Sales of new single-family homes rose 2.4% to a 515,000 seasonally adjusted annual rate in July, according to data released by the Commerce Department yesterday.

The July figure came after a downwardly revised 503,000 rate in June, a 2.1% drop originally reported as a 0.6% decrease to 530,000. IFR Markets’ poll of economists had predicted a 525,000 sales level for July.

Sales of new homes were 35.3% below the 796,000 rate in July 2007, Commerce said.

The supply of new homes at the current sales rate fell to 10.1 months from 10.7 months in June.

At the end of July, the number of new homes on the market decreased to 416,000 from 439,000.

The unadjusted average price of a new single-family home dipped to $294,600 from $296,500.

Meanwhile, the unadjusted median price climbed to $230,700 from $230,100 in June.

Sales rose in two of the four regions of the country in July.

Sales in the Northeast jumped 38.9% to 50,000 from 36,000 the previous month, while the West saw a 9.9% increase to 122,000 new homes sales after 111,000 homes sold in June. Midwest sales dipped 8.2% to 67,000 homes from 73,000 the month before. In the South sales fell 2.5% to 276,000 homes sold, down from 283,000 in June.

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