U.S. New Home Sales Slump In July

(RTTNews) - Sales of new single-family homes fell 2.4 percent in July from June to a seasonally adjusted annual rate of 412,000, the Commerce Department said Monday.

It was the slowest pace of new home sales in four months, as demand was relatively weaker in all regions except the South.

Economists expected a reading of 432,000. July sales were down 4.3 percent from a year earlier.

The government upwardly revised June's sales pace to 422,000 from the 406,000 initially reported.

On the positive side, the median price of new homes in July rose to $269,800, up 2.9 percent from the same month a year ago.