WASHINGTON — New home sales fell in July, their fourth straight monthly decline, dropping 0.7% to a seasonally adjusted annual rate of 298,000, the Commerce Department reported Tuesday.
Sales for June were revised lower to 300,000 from 312,000 reported last month. Sales for May were revised up to 316,000 from 315,000.
In July, new home sales increased in the Northeast and Midwest but slumped in the South and West.
Economists expected 312,000 for the month, according to the median estimate from Thomson Reuters.
The number of new homes for sale slipped to 165,000, a record low, following 166,000 in June. The inventory of new homes on the market was 210,000 a year ago.
