New home sales rose by 4.4% m/m in July, reaching 714,000 annualised. Despite a slight fall in June, new home sales have seen sustained strength over the last year, with July’s increase leaving them over 30% above their level in July of 2022. (See Chart 1.) In contrast, existing home sales fell by 2.2% m/m to 4,070,000 annualised in July, almost reaching the January low of 4.0m.
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