July’s new home sales were only slightly changed from June’s, as actual sales (3,135) equate to 40,400 after seasonal-adjustment, up from 39,000 in June. Low-rise sales dropped sharply, with 850 actual sales equal to 11,300 seasonally-adjusted. Will Dunning explains:

"A variety of factors explain this, including reduced supply of new product, but also a sharply expanded resale inventory and uncertainty about the economy."

Resale market activity has exceeded 80,000 for four consecutive months and is now similar to levels seen in 2005 and 2006, the Dunning report concludes.

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