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US new home sales rise 5.4% in July

by ChemOrbis Editorial Team - content@chemorbis.com
  • 25/08/2015 (17:43)
New home sales in the US rose 5.4% in July to reach a seasonally adjusted annual rate of 507,000 units, according to data released by the US Commerce Department. The country’s June new home sales data was also revised down to an annualized pace of 481,000 units from the previously reported pace of 482,000 units. Economists’ initial estimates had called for an increase to a rate of 510,000 units in a survey by Reuters.

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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