New Home Sales (July 2013)
– New Home Sales (seasonally adjusted, annualized) 394,000 down from 455,000 in June which was revised down from 497,000.
This is the largest drop in 3 years. Existing Home Sales are good for Realtors and mortgage loan officers but it is the construction of new homes which is a larger economic force.
Higher mortgage interest rates and prices may be factors.