New Home Sales Rise 2.8% to 870,000 Pace in July

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New Home Sales Rise 2.8% to 870,000 Pace in July

By Rex Nutting

RISMEDIA, August 27, 2007-(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. In addition, sales in June were revised slightly higher. Sales are down 10.2% compared with last July. 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. The median sales price in July was $239,500, up 0.6% compared with a year earlier.

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Categories: Real Estate