New-home sales dip in July

New-home sales fell once again in July, the third straight month of declining sales for hard-pressed home builders.

New homes sold at a seasonally adjusted annualized rate of 298,000, a modest 0.7% drop from a downwardly-revised rate of 300,000 homes sold in June, the Census Bureau said Tuesday. It was also below the rate of 310,000 that a panel of housing market analysts at Briefing.com had forecast.

"We've been bouncing around the 300,000 level for months, for years, really," said David Crowe, the chief economist for the National Association of Home Builders. "It reflects continued buyer concern with the weak economy."

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- Posted: 2011-08-23 10:53:05

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