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Strategies & Market Trends : Mish's Global Economic Trend Analysis

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To: CalculatedRisk who wrote (11003)	8/25/2004 10:24:21 AM
From: mishedlo	Read Replies (1) of 116555

U.S. July new-home sales fall 6.4%; June sales weaken By Greg Robb WASHINGTON (CBS.MW) - Sales of new homes in the United States fell 6.4 percent in July to a seasonally adjusted annualized rate of 1.13 million, the Commerce Department estimated Wednesday. There was also a large downward revision to June sales. The department said sales fell a revised 5.6 percent in June to 1.21 million units, compared with the initial estimate of a 0.8 percent drop to 1.31 million units. So the level of new home sales in July is well below expectations. Economists surveyed by CBS MarketWatch were expecting a sales rate of about 1.29 million in July. The number of new homes for sale on the market rose about 4.2 percent to 393,000, representing 4.2-months of sales at the July pace. New-home sales fell sharply in the Northeast and South, but rose to record high levels in the Midwest. Sales in the West were down slightly. The median sales price rose 9.0 percent year-over-year to $207,400.

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