New-home sales rise in July

Inventory continues to shrink

Sales of newly-built single-family homes rose 9.6 percent from June to July, but were down 13.4 percent decline from a year ago, the Census Bureau reports.

At the regional level, sales picked up 32.4 percent from June to July in the Northeast, 16.2 percent in the South, and 1 percent in the West. New home sales were down 7.6 percent from June in the Midwest.