Department of Commerce

Sharp Revision to New Home Sales Leads to July Gain 

Sales of newly built single-family homes rose 2.4 percent to a seasonally-adjusted annual rate of 515,000 units in July, the Commerce Department reported Tuesday; sales for June were revised sharply downward to 503,000, from an originally-reported 530,000 last month. The July 2008 total reported today is 35 percent below the pace recorded one year ago.