US new home sales rise 5.4% in July
On a yearly basis, meanwhile, new home sales rose 25.8% in July compared with the same month of 2014. A stronger labor market that resulted in an increase in confidence among Americans and encouraged young adults to move into their own homes were cited as the main factors behind the increase.
New home sales in the Northeast rose 23.1%, hitting the highest level seen since May 2014 while new home sales declined 6.9% in the Midwest. In the South and West, sales were up by 6.7% and 5.8% in July, respectively.
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