Washington, DC, Aug. 23, 2013 -- Sales of new single-family homes in July declined to their lowest level in nine months, according to the Commerce Department.
Sales dropped 13.4% to an annual rate of 394,000 units. The government also revised its previous June estimate lower.
The median forecast analysts was for a 490,000-unit sales pace.
The median July price for a new home rose to $257,200, up from $237,400 in the same month of 2012. Mortgage rates have also risen sharply in recent months.