New Single-Family Homes Sales Increase

Washington, DC, Aug. 23, 2012 -- Sales of new single-family homes rose in July as prices fell, according to the Commerce Department.

The government said on Thursday that sales increased 3.6% to a seasonally adjusted 372,000-unit annual rate.

June's sales were revised up to 359,000 units from the previously reported 350,000 units.

Economists had forecast sales at 365,000 units.

The median price of a new home fell 2.5% in July from a year earlier to $224,200.

The inventory of new homes declined 0.7% to a record low 142,000 in July.