New home sales rise 2.8% to 870,000 pace in July
WASHINGTON (MarketWatch) -- Sales of new home increased 2.8% in July to a seasonally adjusted annual rate of 870,000 as the inventory of homes for sale dropped for a fourth straight month, the Commerce Department estimated Friday.
Sales were stronger than the 820,000 annualized pace expected by economists surveyed by MarketWatch. See Economic Calendar. In addition, sales in June were revised slightly higher.
Sales are down 10.2% compared with last July. Read the full report.
Stocks turned higher after the report was released. See Market
Inventories of unsold homes fell about 1% to 533,000, the fourth consecutive decline. At the July sales pace, the inventory represented 7.5 months' supply, down from 7.7 months in June. Inventories are down 7% since last July.
WASHINGTON (MarketWatch) -- Sales of new home increased 2.8% in July to a seasonally adjusted annual rate of 870,000 as the inventory of homes for sale dropped for a fourth straight month, the Commerce Department estimated Friday.
Sales were stronger than the 820,000 annualized pace expected by economists surveyed by MarketWatch. See Economic Calendar. In addition, sales in June were revised slightly higher.
Sales are down 10.2% compared with last July. Read the full report.
Stocks turned higher after the report was released. See Market
Inventories of unsold homes fell about 1% to 533,000, the fourth consecutive decline. At the July sales pace, the inventory represented 7.5 months' supply, down from 7.7 months in June. Inventories are down 7% since last July.
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