The
U.S. Commerce Department announced on Tuesday that the sales of new
single-family homes rose 1.0 percent m-o-m to a seasonally adjusted annual rate
of 708,000 units in July.
Economists
had forecast the sales pace of 700,000 last month.
June’s
sales pace was revised up to 701,000 units from the originally reported 676,000
units.
According
to the report, new home sales in the South, the largest area, increased 1.3
percent m-o-m in July, while those in the West climbed 14.4 percent m-o-m. In
the meantime, new home sales in the Northeast plunged 24.1 percent m-o-m and
those in the Midwest tumbled 20.2 percent m-o-m.
The report also showed that median sales price surged
18.4 percent y-o-y to $390,500.