New-Home Sales Hit Record High; Durable Goods Drop

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Sales of new homes shot up to a record high in July, while U.S. factories saw orders for costly manufactured goods drop by the largest amount in 18 months.


New-home sales in July soared to a seasonally adjusted annual rate of 1.41 million units, the Commerce Department said. That represented a 6.5 percent increase from June’s pace of 1.32 million units, which had been the previous record.


In the department’s second report, new bookings to U.S. factories for “durable goods” declined by 4.9 percent in July from the previous month. It marked the biggest drop since January 2004, when durable-goods orders fell by 5.7 percent.


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