New home sales rose in July

WASHINGTON, Aug. 23 (UPI) -- Sales of new single-family homes rose 3.6 percent June to July, the U.S. Commerce Department said Thursday.

Sales rose from a revised June rate of 359,000 to a seasonally adjusted annual rate of 372,000 in July.

Sales also rose 25.3 percent above the annual rate of 297,000 from July 2011.

The Commerce Department said the average sale price for a new home sold in July $263,200. The seasonally adjusted estimate how many new homes were on the market at the end of the month was 142,000, which represents a 4.6-month supply at the current rate of sales.