US new home sales edge lower in July

(Sharecast News) - Sales of new US single-family homes edged lower in July, pointing to continued pressure on the housing market as a result of elevated mortgage rates. According to the Census Bureau, new home sales fell 0.6% month-on-month to a seasonally adjusted annualised rate of 652,000 units in July, following a sharp upward revision to June's figure, which was raised to 656,000 units from 627,000. On a year-on-year basis, sales were down 8.2%.

Economists were expecting to see a monthly increase to 630,000 units.











Reporting by Iain Gilbert at Sharecast.com