US July new home sales disappoint with 2.4% rise

US new home sales rose 2.4 percent in July from June to a pace that fell short of market expectations, in a further sign of housing market distress, government data showed Tuesday. The Commerce Department reported that sales of new one-family homes stood at a seasonally adjusted annual rate of 515,000 units, while the consensus analyst forecast was 525,000. On a 12-month basis, the pace of new home sales was 35.3 percent below the July 2007 level.

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