New home sales unexpectedly fell in July to the lowest level on record as the housing market continued to suffer from the end of the homebuyer tax credit boost.
New home sales dropped 12.4% to a seasonally adjusted annual rate of 276,000 last month, down from a downwardly revised 315,000 in June, the Commerce Department reported Wednesday. Sales year-over-year fell 32.4%.
Commerce started tracking new home sales in 1963.
Wednesday, August 25, 2010
New home sales hit all-time low
New home sales in July hit the lowest number ever recorded: