New Home Sales Sink in July

The Commerce Department reported on Wednesday that New Home Sales in July fell by 9.4 percent to an annualized rate of 571,000 units, below the 615,000 expected and a seven-month low. However, June was revised higher to 630,000 units from 610,000. Sales dropped in the Northeast, South and West but did rise in the Midwest. Sales inventory for new homes rose to 5.8 months in July, up from 5.2 months in June; this is near the healthy rate of six months. From July 2016 to July 2017, sales were down nearly 9 percent.

 

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