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US new home sales reach near 9-year high in July

by ChemOrbis Editorial Team -
  • 24/08/2016 (15:42)
New home sales in the US unexpectedly reached near a nine-year high in July, according to data released by the US Commerce Department. New home sales rose 12.4% to a seasonally adjusted annual pace of 654,000 units, reaching the highest level seen since October 2007. Economists had expected to see sales of 580,000 units. It increased for a fifth straight month in July. On a yearly basis, new home sales increased 31.3% compared with the same month of last year.

The rise in new home sales was attributed to strong demand and continuous shortage of previously owned houses available for sale. Analysts expect to see an increase in construction activity since higher sales have led to lower inventories of new homes for sale. New home inventories fell to an eight-month low in July.
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