New-home sales plummet

After hitting a five-year high in June, new-home sales plummeted in July, according to data released today by the U.S. Census Bureau and the Department of Housing and Urban Development.

Sales of new single-family houses in July dropped a seasonally adjusted 13.4 percent month over month to an annual rate of 369,000, but were up 6.8 percent from a year before, according to the Census Bureau.

The median sales price of a new home sold in July was $257,200, the report said. The report added that the seasonally adjusted estimate of new houses for sale at the end of July was 171,000, representing a supply of 5.2 months at the current sales rate.