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- U.S. new home sales drop in July
U.S. new home sales drop in July
The U.S.
Commerce Department announced on Friday that the sales of new single-family
homes tumbled 12.8 percent m-o-m to a seasonally adjusted annual rate of 635,
000 units in July. That was the biggest monthly fall since July 2013.
Economists had
forecast the sales pace of 649,000 last month.
June’s sales
pace was revised up to 728,000 units from the originally reported 646,000
units.
According to
the report, new home sales in the South, the largest area, slumped 16.1 percent
in July. Sales of new homes also decreased in the Midwest and West in the
Midwest. Meanwhile, sales in the Northeast jumped 50 percent to 39,000.
In y-o-y terms,
new home sales recorded a 4.3 percent advance in July.
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