Economic Buzz: US new home sales down 10.5% in July

Sales of new single-family homes in the United States slipped 10.5% month-on-month to a seasonally adjusted annual rate of 607,000 in July, data from the United States Census Bureau and the Department of Housing and Urban Development showed on Tuesday.

On a yearly basis, sales declined 6.3%. The median sales price fell 2.3% month-to-month to $393,800, while the average price increased 4.1% to $508,800.

The seasonally adjusted estimate of new homes for sale at the end of July stood at 488,000, increasing 1.9% compared to June and representing a 9.6-month supply at the current sales pace.

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