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New-home sales roar to an 8-year high of 654,000 in July
New home sales surged to the highest in nearly eight years in July as home builders picked up the pace while buyer demand remained robust. Sales of newly-constructed homes rose 12.4% to a seasonally adjusted annual rate of 654,000, the Commerce Department said Tuesday. That was 31.3% higher than a year ago, and easily beat forecasts of a 581,000 pace from economists surveyed by MarketWatch. June’s figure was revised downward slightly, to 582,000. The median sales price in July was $294,600, 0.5% lower than year-ago levels. As sales soared, supply dwindled to 4.3 months’ worth of homes at the current pace. On ... (full story)
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