New home sales rose 12.4%, reaching a seasonally adjusted rate of 654,000 units. That beats a revised June figure of 582,000 and is 31.3% higher than the July 2015 rate of 498,000 units.
Sales of new single-family homes are up more than 5% from June 2015 and more than 25% from July 2014, according to new data from the federal government.
Fed Chair Janet Yellen sounds a cautionary note about the weak recovery of the housing market.
Housing is the focus of this week’s compressed schedule of economic reports.
The housing market is still shaky, but finding some solid ground.