By Dees Stribling |MHN Online
Sales of new single-family houses in July 2014 were at an annualized rate of 412,000 units, according to the Census Bureau and HUD on Monday. That’s 2.4 percent below the revised June rate of 422,000, but still 12.3 percent higher than during July 2013.
July was weaker than expected, but sales in June and May were revised upward. In June, the revision was from 406,000 units to 422,000, and in May from 442,000 units to 454,000. The two months represent a combined upward revision of 33,000 units. Still, a sales range in the 400,000s is historically low. During non-recessionary periods before the 2000s bubble, sales of 600,000 to 800,000 units were more the norm.
