New home sales dropped sharply in July

Aug. 23, 2013 at 11:23 AM

WASHINGTON, Aug. 23 (UPI) -- Sales of new single-family homes dropped 13.4 percent from June to July, the U.S. Commerce Department said Friday.

At an annual rate of 394,000, sales for the month declined from June's revised annual rate of 455,000. Sales were also 6.8 percent higher than the July 2012 estimate of 369,000.

The Commerce Department said the average price for a new home sold in March was $322,700.

At the end of June, there were an estimated 171,000 new homes on the market, representing a 5.2 month supply at the current rate of sales.

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