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U.S. New Home Sales Hit Record

U.S. New Home Sales Hit Record

The U.S. Commerce Department reports that new home sales in the U.S. shot up by 6.7 per cent in July to a seasonally adjusted annual rate of 1.02 million, the highest monthly level on record.

But the government ratcheted lower its tally of the pace of June home sales to 953,000, down from the originally reported 1.001 million. The downward revision to the June number meant July was the first time new-home sales passed the one million mark.

By region, new home sales in July soared 16 per cent in the Midwest to a rate of 203,000, the highest level since December 1993.

In the South sales jumped 10.1 per cent to a rate of 470,000, the highest level since November.

But in the Northeast, sales fell by 9.1 per cent to a rate of 60,000, and in the West they dipped by 0.4 per cent to a rate of 284,000.

The average price of a new home in July was $215,200, up from $209,300 for the same month a year ago.

Source: US. Lumber News

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