A drop in U.S. mortgage rates boosted demand last month, offering more evidence that the housing market is recovering
Sales of new U.S. single-family homes rose to their highest level in more than a year in July as a drop in mortgage rates boosted demand, offering more evidence that the housing market is recovering.
The sales pace for June was revised higher to 668,000 units from a previously reported 617,000 units. New home sales are counted at the signing of a contract. They, however, can be volatile on a month-to-month basis. Sales increased 5.6 per cent on a year-on-year basis in July.
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