Sales of new single-family homes slipped in July but still beat expectations, as lower prices and builder incentives helped offset high borrowing costs. The Commerce Department reported a seasonally adjusted annual rate of 652,000, down 0.6 percent from June and 8.2 percent from a year earlier. June’s pace was 656,000.
Economists had expected a 630,000 rate, according to surveys by Bloomberg.
Inventories remain elevated. There were 499,000 new homes for sale at July’s end, equal to 9.2 months’ supply at the current sales pace—both little changed from June. A normal supply is considered to be in the range of four to six months. According to…
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