US July New Home Sales Rise 3.6% To 372000 Annual Rate

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The pace of new single-family home sales rose 3.6% in July to an annual rate of 372,000 after seasonal adjustment, a stronger pace than expected, data released Thursday by the Commerce Department showed. Analysts in a Market News International survey expected the pace of new home sales to rise to a 365,000 annual rate from the originally reported 350,000 pace in June. The sales pace in June was revised up to 359,000, while the sales pace was revised down to 372,000 in May from the previously reported 382,000 rate. July sales were up 76.5% in the Northeast region after falling a record 55.3% in the previous month. Sales were also up 7.7% in the Midwest region, but were down 1.6% in the large South region and

down 0.9% in West region. On an unadjusted basis, July new home sales were unchanged from June at a level of 34,000. There were 27,000 unadjusted homes sold in July 2011. ... Continue to read.

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