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US new-home sales fall in July

Washington - Sales of new homes in the United States fell in July and June's strong data was revised much lower, the Commerce Department said on Friday.

Dimming the picture somewhat of a recovering housing market, the department's newest data put July new-home sales at an annual pace of 394 000, down from June's 455 000.

June's number was originally reported at a five-year high pace of 497 000, which fueled confidence that home-buyers were shrugging off higher mortgage rates.

The lower numbers on Friday suggested however that the rise in rates might be impacting the market.

The number of homes on the market jumped to a 5.2 months' supply at the current sales pace, compared to a 4.3-4.5 ratio over the previous quarter.

But July sales were still up 6.8% from a year earlier.

Sales fell in all regions, though the north-east appeared relatively stronger.

The average sales price rose to $322 700, compared to the 2012 full-year average of $292 200.


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