New Home Sales Fell 0.7 Percent in July

By: Associated Press
By: Associated Press

The number of people who bought new homes fell for the third straight month. Sales this year are on track to finish as the worst on records dating back half a century.

The Commerce Department says sales of new homes fell nearly 1 percent in July to a seasonally adjusted annual rate of 298,000. That's less than half the 700,000 that economists say represent a healthy market.

Housing remains the weakest part of the economy. Last year was the worst for new-home sales on records dating back a half century.

While new homes represent less than one-fifth of the housing market, they have an outsize impact on the economy. Each home built creates an average of three jobs and $90,000 in taxes, according to the National Association of Home Builders.

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