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New-home sales post unexpected gain in July
By JEANNINE AVERSA
AP Economics Writer
WASHINGTON — Sales of new homes posted an unexpected gain in July as heavily discounted properties enticed cautious house hunters to become home buyers.
The Commerce Department says sales of new single-family homes rose by 2.4 percent last month to a seasonally adjusted annual rate of 515,000 units, the most since April.
But sales in June turned out to be much weaker than the government previously estimated. Sales sank to a pace of just 503,000, the worst showing since September 1991.
Economists were expecting sales to drop in July.
___
Copyright 2008, The Associated Press. The information contained in the AP Online news report may not be published, broadcast or redistributed without the prior written authority of The Associated Press.
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