South leads strong US new home sales growth

12.4 per cent July rise adds to signs of housing strength

23rd August, 2016
Soaring demand for houses in US South. Pic: Getty

Sales of new US homes unexpectedly jumped in July to the highest level in almost nine years, led by soaring demand in the nation’s south and adding to signs of persistent housing market strength.

Sales increased 12.4 per cent from June to a 654,000 annualised pace, the fastest since October 2007, Commerce Department data showed. That exceeded the most optimistic forecast in a Bloomberg survey. Purchases in the South were the strongest since...

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