U.S. new home sales increase in July

FILE PHOTO: A “For Sale” sign is posted outside a residential home in the Queen Anne neighborhood of Seattle, Washington, U.S. May 14, 2021. REUTERS/Karen Ducey/File Photo

WASHINGTON (Reuters) – Sales of new U.S. single-family homes increased in July, but housing market momentum is slowing amid surging prices that are being driven by an acute shortage of properties on the market.

New home sales rose 1.0% to a seasonally adjusted annual rate of 708,000 units last month, the Commerce Department said on Tuesday. June’s sales pace was revised up to 701,000 units from the previously reported 676,000 units.

Economists polled by Reuters had forecast new home sales, which account for a small share of U.S. home sales, increasing to rate of 700,000 units in July.

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