BREAKING NEWS! – – – July New Home Sales Improve, Prices Drop

8/23/12  by Mark Lieberman, Five Star Institute Economist –

New home sales regained all the ground they lost in June, jumping by 13,000 to an annualized rate of 372,000 in July, the Census Bureau and Department of Housing and Urban Development reported Thursday. Economists surveyed by Bloomberg expected the report to show a sales pace of 362,000. Sales for June were revised up to 359,000 from the originally reported 350,000.

Both the median and average sales price of a new home though dropped month-month and year-year according to the report, each falling to the lowest level since January.

Latest details to follow….