US new home sales rise

Last Updated: Fri, Aug 24, 2012 06:50 hrs

Washington, Aug 24 (IANS) Sales of new single-family houses in the US moved up in July, following a sharp decline in June, fresh evidence of a bumpy housing market recovery, figures from the US Commerce Department showed.

Sales of new single-family houses in July rose to a seasonally adjusted annual rate of 372,000 units, up 3.6 percent from June and 25.3 percent from a year ago, reported Xinhua.

The level was the same as in May, the highest in more than two years, but only about half of the 700,000 annual rate that economists deem for a healthy market.

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