New U.S. home sales surged 9.6% in July, rising for the fourth straight month and exceeding expectations as the housing market marches steadily back from its historic downturn. The Commerce Department says sales rose to a seasonally adjusted annual rate of 433,000 from an upwardly revised June rate of 395,000. Sales are now up 32% from the bottom in January, but off 69% from the frenzied peak four years ago. July’s sales pace was the strongest since September and exceeded the forecasts of economists surveyed by Thomson Reuters, who expected a pace of 390,000 units. The last time sales rose so dramatically was in February 2005. The median sales price of $210,100, however, was still down 11.5% from $237,300 a year earlier.
U.S. new home sales rise for fourth consecutive month
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