New Home Sales Outpace Expectations

Sales of new single-family homes rose 9.6 percent in July, a far stronger gain than the expected rise of 1.6 percent, according to data released by the U.S. Commerce Department’s Bureau of the Census. Sales have risen 31.6 percent above their low in January of this year. “These new numbers are another sign that we have put the brakes on the worst economic downturn in generations,” U.S, Commerce Under Secretary for Economic Affairs Rebecca Blank says. “Increased distribution of Recovery Act dollars at the end of the year should continue to encourage economic growth and support the gains that we are just beginning to see.”