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U.S. new home sales in July jump to highest level in nearly nine years

Xinhua, August 24, 2016 Adjust font size:

Sales of U.S. new homes rose in July to the highest level since October 2007, as the U.S. housing market enjoyed a stable growth this year.

The sales of new single-family houses in June were at a seasonally adjusted annual rate of 654,000, 12.4 percent above the revised June level, and 31.3 percent above the same period last year, the Commerce Department said Tuesday.

The median sales price of new houses stood at 294,600 U.S. dollars in July. The seasonally adjusted estimate of new houses for sale at the end of July was 233,000 units, which represented a supply of 4.3 months at the current sales rate.

Existing home sales, the major part of the U.S. housing market reached a seasonally adjusted annual rate of 5.57 million in June, the fourth consecutive month increase, according to the data released by the National Association of Realtors (NAR) last month.

Sustained job growth and falling mortgage rates are the major driving forces for the U.S. housing market in the first half of 2016, said the NAR. Enditem