Global General

Special

Newsmaker

Asia Pacific

America

Middle East

Europe

Africa

US new home sales surge 9.6% in July

(Xinhua)
Updated: 2009-08-27 00:13

WASHINGTON: US new home sales increased 9.6 percent in July for the fourth consecutive month, with analysts greeting it as a fresh sign of economic recovery.

The Commerce Department said sales rose to a seasonally adjusted annual rate of 433,000 from an upwardly revised June rate of 395,000.

Related readings:  Bernanke: US economy on cusp of recovery  US economy 'out of emergency room'  US economist: recession will end this year

The July data exceeded the forecasts of economists, who expected a pace of 390,000 units.

The last time sales rose so dramatically was in February 2005.

The median sales price of $210,100, however, was still down 11.5 percent from $237,300 a year earlier.

Analysts say the data showed the housing market was steadily returning from its historic downturn.