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US new house sales drop in July

US new house sales drop in July

Mubasher: Sales of new houses in the US dropped in July after June’s upturn, in a sign of the embattled housing market.

Purchases of newly built houses plunged by 12.8% month-on-month last July to a seasonally-adjusted annual rate of 635,000 the US Commerce Department's Census Bureau said on Friday.

This compares with the revised rate of 728,000 purchases in June.

It is worth noting that new home sales are estimated from permits, and tend to be volatile on a monthly basis.

However, new house sales rose by 4.3% last month, compared to an estimate of 609,000 in the same month of the preceding year.

The median sales price for new houses sold last July came in at $312,800, while the average sales price was $388,000.

There were 337,000 new houses on the market last month. At July’s pace, it would take 6.4 months to clear the supply of houses on the market.

By 10:12 pm GMT, the EUR/USD pair ticked up by 0.01% to $1.1081, while the US dollar index inched up by 0.07% to 98.24.