We look for sales of new single-family homes to rise 5.0% in July, partially reversing the June decline. Following an 8.1% drop in June, new single-family home sales likely rebounded. July sales conditions reported by homebuilders improved, with the NAHB Housing Market Index rising another 4 points. Yet, single-family unit permits grew at a slower pace in July, rising 0.9%, while housing starts surged 8.3% but fell in the previous two months. This suggests new home sales likely rose but did not fully reverse the earlier June decline. Given an expected surge in transportation orders, we look for a sharp 11.6% rise in ... (full story)