Sales of new single-family homes rebounded in July after a sharp decline in June, the Commerce Department reported Tuesday. Sales of new single-family homes rose 5.4% in July to a seasonally adjusted annual rate of 507,000 after a 7.7% decline in the prior month. Economists polled by MarketWatch had expected an annual rate of 510,000 in July, compared with an originally estimated June rate of 482,000. On Tuesday, the government revised July's rate slightly to 481,000. Sales of new homes in July were up 25.8% from a year earlier. The median price of new homes hit $285,900 in July, up 2.0% from the year-earlier period. The supply of new homes on the U.S. market fell to 5.2 months in July from 5.3 months in June.
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